WGU D560 Internal Auditing – Questions With
Verified Solutions
Save
Practice questions for this set
Learn 1 /7 Study using Learn
The boundaries of acceptable variation in performance related to achieving
business objectives.
Choose an answer
What are the three components of the
1 Tolerance 2 Institute of Internal Auditing's value
proposition?
3 Independence 4 Operations Objectives
Don't know?
Terms in this set (138)
What are the three components of the 1. Assurance = Governance, Risk, and Control.
Institute of Internal Auditing's value 2. Insight = Catalyst, Analyses, and Assessments.
proposition? 3. Objectivity = Integrity, Accountability, and
Independence.
,Internal Auditing an independent, objective assurance and consulting
activity designed to add value and improve an
organization's operations.
Add Value Value is provided by improving opportunities to
achieve organizational objectives, identifying
operational improvement, and/or reducing risk
exposure through both assurance and consulting
services.
Strategic Objectives those goals that management sets specifically
related to stakeholder interests.
Operations Objectives pertain to the effectiveness and efficiency of the
entity's operations, including operational and
financial performance goals, and safeguarding
resources against loss.
Reporting Objectives pertain to internal and external financial and
nonfinancial reporting and may encompass reliability,
timeliness, transparency, or other terms as set forth
by regulators, standard-setters, or the entity's
policies
Compliance Objectives pertain to adherence to laws and regulations to
which the entity is subject.
Governance the combination of processes and structures
implemented by the board to inform, direct, manage,
and monitor the activities of the organization toward
the achievement of its objectives.
Risk management process conducted by management to understand
and deal with uncertainties (risks and opportunities)
that could affect the organization's ability to achieve
its objectives.
Control process conducted by management to mitigate risks
to acceptable levels.
, Auditee used to denote the people subject to assessment in
an assurance engagement,
Customer used to denote the people seeking services in a
consulting engagement.
Independence The freedom from conditions that threaten the ability
of the internal audit function to carry out internal
audit responsibilities free from interference.
What are the three fundamental 1. Planning the engagement.
phases in the internal audit 2. Performing the engagement.
engagement process? 3. Communicating engagement outcomes.
Objectivity An unbiased mental attitude.
Engagement A specific internal audit assignment or project that
includes multiple tasks or activities designed to
accomplish a specific set of objectives.
COSO The Committee of Sponsoring Organizations of the
Treadway Commission.
Who is the primary beneficiary of Management and the board of directors.
internal auditing services?
IPPF International Professional Practices Framework,
which consists of both mandatory and recommended
guidance.
Certified Internal Auditor (CIA) The premier certification sponsored by The IIA; the
only globally accepted certification for internal
auditors.
Verified Solutions
Save
Practice questions for this set
Learn 1 /7 Study using Learn
The boundaries of acceptable variation in performance related to achieving
business objectives.
Choose an answer
What are the three components of the
1 Tolerance 2 Institute of Internal Auditing's value
proposition?
3 Independence 4 Operations Objectives
Don't know?
Terms in this set (138)
What are the three components of the 1. Assurance = Governance, Risk, and Control.
Institute of Internal Auditing's value 2. Insight = Catalyst, Analyses, and Assessments.
proposition? 3. Objectivity = Integrity, Accountability, and
Independence.
,Internal Auditing an independent, objective assurance and consulting
activity designed to add value and improve an
organization's operations.
Add Value Value is provided by improving opportunities to
achieve organizational objectives, identifying
operational improvement, and/or reducing risk
exposure through both assurance and consulting
services.
Strategic Objectives those goals that management sets specifically
related to stakeholder interests.
Operations Objectives pertain to the effectiveness and efficiency of the
entity's operations, including operational and
financial performance goals, and safeguarding
resources against loss.
Reporting Objectives pertain to internal and external financial and
nonfinancial reporting and may encompass reliability,
timeliness, transparency, or other terms as set forth
by regulators, standard-setters, or the entity's
policies
Compliance Objectives pertain to adherence to laws and regulations to
which the entity is subject.
Governance the combination of processes and structures
implemented by the board to inform, direct, manage,
and monitor the activities of the organization toward
the achievement of its objectives.
Risk management process conducted by management to understand
and deal with uncertainties (risks and opportunities)
that could affect the organization's ability to achieve
its objectives.
Control process conducted by management to mitigate risks
to acceptable levels.
, Auditee used to denote the people subject to assessment in
an assurance engagement,
Customer used to denote the people seeking services in a
consulting engagement.
Independence The freedom from conditions that threaten the ability
of the internal audit function to carry out internal
audit responsibilities free from interference.
What are the three fundamental 1. Planning the engagement.
phases in the internal audit 2. Performing the engagement.
engagement process? 3. Communicating engagement outcomes.
Objectivity An unbiased mental attitude.
Engagement A specific internal audit assignment or project that
includes multiple tasks or activities designed to
accomplish a specific set of objectives.
COSO The Committee of Sponsoring Organizations of the
Treadway Commission.
Who is the primary beneficiary of Management and the board of directors.
internal auditing services?
IPPF International Professional Practices Framework,
which consists of both mandatory and recommended
guidance.
Certified Internal Auditor (CIA) The premier certification sponsored by The IIA; the
only globally accepted certification for internal
auditors.
