Professional Standards & Competencies Flashcards
7 cards from real Certified Internal Auditor practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Professional Standards & Competencies flashcards as text
According to the IIA Standards, which attribute standard addresses the organizational independence of the internal audit function?
Answer: Standard 1100 – Independence and Objectivity
Standard 1100 – Independence and Objectivity requires the internal audit function to be independent and auditors to be objective in performing their work.
The IIA's Code of Ethics principle of 'integrity' primarily requires internal auditors to:
Answer: Perform work with honesty and avoid acts that discredit the profession
The integrity principle requires auditors to perform work with honesty, diligence, and responsibility, and to avoid acts that discredit the profession.
An internal auditor discovers that a close personal friend works in a department being audited. The auditor should FIRST:
Answer: Recuse themselves and disclose the conflict to the CAE
When a personal relationship creates a potential independence impairment, the auditor must immediately disclose the conflict to the CAE for reassignment or other resolution.
Under the IIA Standards, 'due professional care' requires internal auditors to consider which of the following during planning?
Answer: The probability of significant errors, fraud, or noncompliance
Standard 1220 requires auditors to consider the likelihood of significant errors, irregularities, or noncompliance when applying due professional care.
A Quality Assurance and Improvement Program (QAIP) must include which two types of assessments?
Answer: Ongoing monitoring and periodic self-assessments or external assessments
Standard 1300 requires the QAIP to include ongoing internal monitoring and periodic internal and external assessments to evaluate conformance with the Standards.
The IIA Standards require an external quality assessment of the internal audit function at least once every:
Answer: Five years
Standard 1312 requires external assessments to be conducted at least once every five years by a qualified, independent assessor or assessment team.
Which statement best describes the concept of 'organizational independence' for an internal audit function?
Answer: The CAE must report to a level within the organization that allows the function to fulfill its responsibilities
Organizational independence requires the CAE to report to a level—typically the board or audit committee—that enables the function to accomplish its mandate without management interference.