CIA Exam 1: Foundations of Internal Auditing Questions & Answers 2023/2024

CIA Exam 1: Foundations of Internal Auditing Questions & Answers 2023/2024 The CAE must understand the Mission of Internal Audit and the mandatory elements of the IIA's International Professional Practices Framework (IPPF), including - ANSWER--The Core Principles for the Professional Practice of Internal Auditing (the Core Principles) -The Code of Ethics -The International Standards for the Professional Practice of Internal Auditing (the Standards) -The Definition of Internal Auditing The charter is the understanding of the mutually agreement upon - ANSWER--internal audit objectives and responsibilities -the expectations for the internal audit activity -the CAE's functional and administrative reporting lines -the level of auditory required for the internal audit activity to perform engagements and fulfill its agreed-upon objectives and responsibilities Code of Ethics - ANSWER-The Code of Ethics states the principles and expectations governing the behavior of individuals and organizations in the conduct of internal auditing. It describes the minimum requirements for conduct and behavioral expectations rather than specific activities. The Code of Ethics contains two essential components: - ANSWER-1. Principles that are relevant to the profession and practice of internal auditing 2. Rules of Conduct that describe behavior norms expected of internal audits. These rules are an aid to interpreting the Principles into practical applications and are intended to guide the ethical conduct of internal auditors. Integrity - ANSWER-The integrity of internal auditors establishes trust and thus provides the basis for reliance on their judgement. `