(IIA) 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 (IIA) flashcards as text
According to the IIA Standards, which element is required in the internal audit charter?
Answer: The purpose, authority, and responsibility of internal audit
The IIA Standards require the internal audit charter to define the purpose, authority, and responsibility of the internal audit activity.
When assessing the adequacy of a risk management process, the internal auditor should PRIMARILY evaluate:
Answer: Whether management has identified and responded to key risks
Internal auditors evaluate whether management has appropriately identified, assessed, and responded to significant risks facing the organization.
Which type of engagement provides independent assessments of conformance with plans, policies, and regulations?
Answer: Assurance engagement
Assurance engagements involve objective assessments of evidence to provide independent opinions on governance, risk, and control processes.
An internal auditor discovers a significant control deficiency during a consulting engagement. What should the auditor do?
Answer: Communicate it to senior management and the board
The IIA Standards require internal auditors to communicate significant control deficiencies discovered during consulting engagements to senior management and the board.
The IIA's Code of Ethics principle of 'objectivity' requires that internal auditors:
Answer: Not subordinate their judgment on audit matters to others
Objectivity requires internal auditors to make independent assessments without subordinating their professional judgment to the influence of others.
Which of the following BEST describes the concept of 'due professional care' in internal auditing?
Answer: Applying the care and skill expected of a reasonably prudent auditor
Due professional care means applying the skill and diligence that a reasonably prudent and competent internal auditor would apply under similar circumstances.
When planning an audit of a complex area where the internal audit team lacks expertise, the CAE should:
Answer: Use external service providers to supplement the team's skills
The IIA Standards allow the CAE to obtain competency through external service providers when internal expertise is insufficient.