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Audit Exam 1 Chapters 1 & 2 with 100% correct answers | verified | latest update 2024
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Audit Exam 1 Chapters 1 & 2 with 100% correct answers | verified | latest update 2024
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Audit Exam 1: Chapters 1 & 2The Board - ANS-The IIA has indicated that to achieve necessary independence, the
CAE should report functionally to whom?
Not be unduly influenced by their own interests in forming judgements - ANS-In applying
the Rules of Conduct set forth in the IIA's Code of Ethics, internal auditors are expected
to
Both the Internal Standards for the Professional Practice of Internal Auditing and the
IIA's Code of Ethics - ANS-Internal auditors who fail to maintain their proficiency through
continuing education could be found to be in violation of
1) Violates the IIA's Code of Ethics because serving on the board may be in conflict with
the best interests of the internal auditor's employer
2)Violate the IIA's Code of Ethics because the information gained while serving on the
board of directors of the local bank may influence recommendations regarding potential
acquisitions - ANS-An internal auditor for a large regional bank was asked to serve on
the board of directors of a local bank. The bank competes in many of the same markets
as the regional bank but focuses more on consumer financing than on business
financing. In accepting this position, the internal auditor
the CEO or equivalent - ANS-The optimal administrative reporting line of the CAE is to
Use individual judgement in the application of the principles set forth in the Code -
ANS-In complying with the IIA's Code of Ethics, an internal auditor should
Establish the basis for evaluating internal auditing performance - ANS-One of the
purposes of the International Standards for the Professional Practice of Internal Auditing
("The Standards") is to
Assurance and consulting - ANS-The types of services provided by the internal audit
activity can best be described as
A dual-reporting relationship - ANS-Independence permits internal auditors to render
impartial and unbiased judgements. The best way to achieve independence is through
Serve as an independent, objective assurance and consulting activity that ads value to
operations - ANS-The proper organizational role of internal auditing is to
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