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CIA Exam Part 1 - Chapter 2 Independence Objectivity Proficiency Care And Quality Exam With Correct Solutions 2024 CA$21.73   Add to cart
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CIA Exam Part 1 - Chapter 2 Independence Objectivity Proficiency Care And Quality Exam With Correct Solutions 2024
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CIA Exam Part 1 - Chapter 2 Independence Objectivity Proficiency Care And Quality Exam With Correct Solutions 2024

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  • September 23, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • independence definition
  • cia exam part 1 chapter 2 independence
  • what is the attribute standard 1100 on independenc
  • how is the necessary degree of independence achiev

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  • CIA - Certified Internal Auditor
  • CIA - Certified Internal Auditor

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CIA Exam Part 1 - Chapter 2 Independence
Objectivity Proficiency Care And Quality
Exam With Correct Solutions 2024



What .is .the .attribute .standard .1100 .on .independence .objectivity? .- .correct .answer.1.
.Internal .Audit .Activity .(whole) .= .INDEPENDENT




2. .Internal .Auditor .(individual) .= .OBJECTIVE

Independence .Definition .- .correct .answer.The .FREEDOM .from .conditions .that
.THREATEN .the .ability .of .the .INTERNAL .AUDIT .ACTIVITY .(AS .A .WHOLE) .to .carry .out

.internal .audit .responsibilities .in .an .UNBIASED .manner




** .The .CAE .cannot .SOLELY .determine .organizational .independence .and .placement

How .is .the .necessary .degree .of .independence .achieved? .- .correct .answer.The .CAE .has
.DIRECT .and .UNRESTRICTED .access .to .SENIOR .MANAGEMENT .and .the .BOARD




**Can .be .achieved .through .a .DUAL .REPORTING .relationship .(separates .functional .and
.administrative .reporting)




How .often .must .the .CAE .confirm .with .the .Board .organizational .independence .of .the .IA
.activity? .- .correct .answer.At .LEAST .ANNUALLY




Organizational .independence .is .effectively .achieved .when .the .CAE .reports
.FUNCTIONALLY .to .who? .- .correct .answer.The .Board




Examples .of .functional .reporting .to .the .Board .- .correct .answer.Includes .the .Board:

-Approving .the .IA .Charter
-Approving .the .IA .audit .plan
-Approving .IA .budget .and .resource .plan
-Receiving .communications .from .the .CAE .on .IA's .performance .relative .to .plan
-Approving .decisions .of .appointment/removal .of .CAE
-Approving .compensation .of .the .CAE

, -Making .appropriate .inquiries .of .management .and .the .CAE .to .determine .whether
.inappropriate .scope .or .resource .limitations .exist




What .does .a .functioning .reporting .line .to .the .Board .entail? .- .correct .answer.1. .Provides
.CAE .with .DIRECT .BOARD .ACCESS .for .sensitive .matters




2. .Enables .SUFFICIENT .organizational .status

3. .Ensures .that .the .CAE .has .UNRESTRICTED .ACCESS .to .the .BOARD .(typically .highest
.level .of .governance .in .the .org.)




Who .does .the .CAE .report .to .administratively .to? .- .correct .answer.Senior .Management

**Preferably .CEO**

Who .should .the .CAE .NOT .report .to .administratively? .- .correct .answer.-Controller
-Accounting .Manager
-Mid-level .Manager

Conformance .with .Organizational .Independence .is .demonstrated .through .(3) .- .correct
.answer.1) .Internal .Audit .Charter .and .Audit .Committee .Charter, .which .describe .Audit

.Committee's .OVERSIGHT




2) .CAE's .JOB .DESCRIPTION .and .PERFORMANCE .EVALUATION, .which .notes
.reporting .relationships .and .supervisory .oversight




3) .IA .Policy .manual .that .addresses .independence .and .board .communication
.requirements .(org .chart .with .reporting .responsibilities)




How .should .the .CAE's .Board .interaction .be? .- .correct .answer.The .CAE .should .have
.DIRECT .interaction .with .the .Board




**At .least .annually, .a .private .meeting .with .the .board .or .audit .committee .and .the .CAE
.(without .senior .management .present) .is .formally .conducted .to .discuss .matters .or .issues




Objectivity .Definition .- .correct .answer.An .UNBIASED .mental .attitude .that .allows .internal
.auditors .to .perform .engagements .in .such .a .manner .that .they .believe .in .their .work .product

.and .that .NO .QUALITY .COMPROMISES .are .made




Who .is .objectivity .an .attribute .of? .- .correct .answer.INDIVIDUAL .internal .auditors

Conflict .of .Interest .Definition .- .correct .answer.Any .relationship .that .IS .or .APPEARS .TO
.BE, .not .in .the .best .interest .of .the .organization




**would .PREJUDICE .and .individual's .ability .to .perform .his .or .her .duties .objectively

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