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CIA Exam_ Part 1 TERMS.
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CIA Exam_ Part 1 TERMS.
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CIA Exam: Part 1 TERMSAdd Value - ANS-Value is provided by improving opportunities to achieve org.
objectives, identifying operation improvement, and/or reducing risk exposure through
both assurance and consulting services.
Adequate Control - ANS-Present if management has planned and organized (designed)
in a manner that provides reasonable assurance that the org's risks have been
managed effectively and that the org's goals and objectives will be achieved efficiently
and economically.
Charter - ANS-A written document that defines the activity's purpose, authority and
responsibility.
A) establish the activity's position in organization
B) authorize access to records, personnel, and relevant properties
C) Define the scope
Chief Audit Executive (CAE) - ANS-Top position within the org. responsible for internal
audit activities. Normally, the internal audit director.
With outside service providers this person is responsible for overseeing the service
contract and the overall quality assurance of these activities, and follow-up of
engagement results = General Auditor = Chief Internal Auditor = Inspector General
Code of Ethics - ANS-Principles relevant to the profession and practice of internal
auditing and Rules of Conduct that describe behavior expected of internal auidtors.
Aplies to both parties and entities that provide internal audit services.
Purpose: To promote an ethical culture in the global profession of internal audit.
Control - ANS-Any action taken by management, the board, and other parties to
manage risk and increase the likelihood that established objectives and goals will be
achieved. Management plans, organizes, and directs the performance of sufficient
actions to provide reasonable assurance that objectives and goals will be achieved.
Control Environment - ANS-Provides the discipline and structure for the achievement of
the primary objectives of the system of internal control.
> integrity and ethical values
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