Internal Auditing Exam 1 questions and correct answers
graded A+ latest update
1. Internal Auditing is an.. independent, objective
assurance and consulting
activity designed to add value
and improve an orga-
nization's operations. It helps
an organization accomplish its
objec- tives by bringing a
systematic, disci- plined
approach to evaluate and im-
prove the ettectiveness of risk
man- agement, control, and
governance processes.
2. Assurance Services An objective examination of
evidence for the purpose of
providing an in- dependent
assessment on gover- nance,
risk management, and con- trol
processes for the organization.
Examples may include financial,
per- formance, compliance,
system se- curity, and due
diligence engage- ments.
3. Charter Formal document that defines the
internal audit activity's purpose,
au- thority, and responsibility. It
estab- lishes the internal audit
activity's po- sition within the
organization; autho- rizes access
to records, personnel, and
physical properties relevant to
the performance of
,Internal Auditing Exam 1 questions and correct answers
graded A+ latest update
engagements; and defines the
scope of internal au- dit
activities.
, Internal Auditing Exam 1 questions and correct answers
graded A+ latest update
4. Compliance Adherence to policies plans,
proce- dures, laws, regulations,
contracts, or other
requirements
5. Conflict of Interest Any relationship that is, or
appears to be, not in the best
interest of
the organization. A conflict of
interest would prejudice an
individual's abil- ity to perform
his or her duties and
responsibilities objectivity
6. Consulting Activities Advisory and related client
service activities, the nature
and scope of which are agreed
with the client, are intended to
add value and improve an
organization's governance, risk
management, and control
processes without the internal
auditor assum- ing
management responsibility. Ex-
amples include counsel, advice,
fa- cilitation, and training.
7. Control Any action taken by
management,
the board, and other parties to
manage risk and increase the
like- lihood that established
objectives and goals will be
graded A+ latest update
1. Internal Auditing is an.. independent, objective
assurance and consulting
activity designed to add value
and improve an orga-
nization's operations. It helps
an organization accomplish its
objec- tives by bringing a
systematic, disci- plined
approach to evaluate and im-
prove the ettectiveness of risk
man- agement, control, and
governance processes.
2. Assurance Services An objective examination of
evidence for the purpose of
providing an in- dependent
assessment on gover- nance,
risk management, and con- trol
processes for the organization.
Examples may include financial,
per- formance, compliance,
system se- curity, and due
diligence engage- ments.
3. Charter Formal document that defines the
internal audit activity's purpose,
au- thority, and responsibility. It
estab- lishes the internal audit
activity's po- sition within the
organization; autho- rizes access
to records, personnel, and
physical properties relevant to
the performance of
,Internal Auditing Exam 1 questions and correct answers
graded A+ latest update
engagements; and defines the
scope of internal au- dit
activities.
, Internal Auditing Exam 1 questions and correct answers
graded A+ latest update
4. Compliance Adherence to policies plans,
proce- dures, laws, regulations,
contracts, or other
requirements
5. Conflict of Interest Any relationship that is, or
appears to be, not in the best
interest of
the organization. A conflict of
interest would prejudice an
individual's abil- ity to perform
his or her duties and
responsibilities objectivity
6. Consulting Activities Advisory and related client
service activities, the nature
and scope of which are agreed
with the client, are intended to
add value and improve an
organization's governance, risk
management, and control
processes without the internal
auditor assum- ing
management responsibility. Ex-
amples include counsel, advice,
fa- cilitation, and training.
7. Control Any action taken by
management,
the board, and other parties to
manage risk and increase the
like- lihood that established
objectives and goals will be
