CIA- Part 1 || with Error-free Solutions.

Internal Auditing correct answers An independent, objective assurance and consulting activity designed to add value and improve an organization's operations. How does IA help an organization accomplish its objectives? correct answers By bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. What is the purpose of the "Standards"? (4) correct answers 1. Delineate basic principles that represent the practice of internal auditing. 2. Provide a framework for performing and promoting a broad range of value-added internal auditing. 3. Establish the basis for the evaluation of internal audit performance. 4. Foster improved organizational processes and operations. Attribute Standards (1000s) correct answers Govern the responsibilities, attitudes, and actions of the organization's internal audit activity and the people who serve as internal auditors. Performance Standards (2000s) correct answers Govern the nature of internal auditing and provide quality criteria for evaluating the internal audit function's performance. Implementation Standards correct answers Expand upon the individual Attribute or Performance Standards that apply to all IA engagements. Each standard describes the requirements of either assurance or consulting engagement. What are the 3 strongly recommended elements of International Professional Practices Framework (IPPF)? correct answers Position Papers, Practice Advisories, Practice Guides Authority of Internal Audit correct answers Through a final audit charter, IA has the access to all records, personnel, and physical properties relevant to the performance of every engagement. What is the primary purpose of the Code of Ethics? correct answers To promote an ethical culture among professionals who serve others. What are some functions (3) of a code of ethical conduct for a professional organization to include? correct answers 1. Communicating acceptable values to all members. 2. Establish objective standards against which individuals can measure their own performance 3. Communicating the organization's value to outsiders. A code of ethical conduct can help correct answers 1. Reduce the likelihood of members being sued for substandard work (based on the wording) 2. Help establish minimum standards of competence, but it is impossible to require equality of competence by all members of a profession