Exam (elaborations)
Certified Internal Auditor (CIA) Section 1 (Set 1) (1)
- Institution
- CISA: Domain #2, Part A: IT Governance
Certified Internal Auditor (CIA) Section 1 (Set 1) (1)
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Certified Internal Auditor (CIA) Section 1 (Set 1)International Professional Practices Framework (IPPF) - ANS-Intended to help practitioners and
stakeholders throughout the world respond to the expanding market for high-quality internal
auditing / also called the Red Book
IPPF Mandatory Guidance - ANS-Mission of Internal Audit, Core Principles for the Professional
Practice of Internal Auditing, Definition of Internal Auditing, Code of Ethics, and International
Standards for the Professional Practice of Internal Auditing
IPPF Recommended Guidance - ANS-Implementation Guidance and Supplemental Guidance
Mission of Internal Audit - ANS-To enhance and protect organizational value by providing
risk-based and objective assurance, advice, and insight
Core Principles - ANS-Set out the basic elements that describe internal audit effectiveness with
respect to the aspirations expressed in the Mission of Internal Audit. They serve as fundamental
propositions that form the basis for the Code of Ethics and the Standards.
IIA Core Principles - ANS-- Demonstrates integrity
- Demonstrates competence and due professional care
- Is objective and free from undue influence (independent)
- Aligns with the strategies, objectives, and risks of the organization
- Is appropriately positioned and adequately resourced
- Demonstrates quality and continuous improvement
- Communicates effectively
- Provides risk-based assurance
- Is insightful, proactive, and future-focused
- Promotes organizational improvement
True or False:
Each of the Core Principles must be present and successfully operating for the audit activity to
be considered effective. Failure to achieve any one of the Principles suggests that the activity is
not as effective as it could be. - ANS-True
Definition of Internal Auditing - ANS-An independent, objective assurance and consulting activity
designed to add value and improve an organization's operations. It helps an organization
accomplish its objectives by bringing a systematic, disciplined approach to evaluate and
improve the effectiveness of risk management, control, and governance processes.
The Standards - ANS-Set of principles-based, mandatory requirements consisting of:
, - Statements of core requirements for the professional practice of internal auditing and the
evaluation of performance effectiveness that are internationally applicable at organizational and
individual levels.
- Interpretations that clarify terms or concepts within the Standards.
Attribute Standards - ANS-Address the attributes of organizations and individuals performing
internal auditing
Performance Standards - ANS-Describe the nature of internal auditing and provide quality
criteria against which the performance of these services can be measured
Who must the Chief Audit Executive periodically review and present the internal audit charter to
for approval? - ANS-Senior management and the board
Standard 1000 - ANS-The purpose, authority, and responsibility of the internal audit activity
must be formally defined in an internal audit charter, consistent with the Mission of Internal Audit
and the mandatory elements of the International Professional Practices Framework (the Core
Principles for the Professional Practice of Internal Auditing, the Code of Ethics, the Standards,
and the Definition of Internal Auditing). The chief audit executive must periodically review the
internal audit charter and present it to senior management and the board for approval.
Internal Audit Purpose - ANS-- Provide risk-based and objective assurance, advice, and insight
- Support organizational objectives by bringing a systematic, disciplined approach to evaluate
and improve the effectiveness of governance, risk management, and control processes
- Determine if organizational governance, risk management, and control processes are in place
and functioning properly
- Communicate any opportunities for improvement or risk exposures to the appropriate
management level (and the board/audit committee as appropriate)
- Add value and improve an organization's operations
Internal Audit Authority - ANS-- Provide appropriate unfettered access to records, personnel,
and physical properties
- Maintain full and open access with the audit committee, board of directors, or other appropriate
governing authority
- Secure necessary internal and external resources to accomplish audit activity objectives as
planned
Internal Audit Responsibility - ANS-- Document the objectives and scope of the engagement as
well as the methodology to be used
- Ensure that internal audit activity staff have sufficient knowledge, skills, experience, and/or
professional certifications to fulfill the engagement charter
- Communicate the results of the internal audit activity or other matters that the chief audit
executive determines necessary to senior management, the audit committee, the board, or
other governing body of the organization
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