Certified Internal Auditor Professional Standards & Competencies 2

Question 1

According to the IIA Standards, which attribute standard addresses the organizational independence of the internal audit function?

Accepted Answer

Standard 1100 – Independence and Objectivity

Answer

Standard 1100 – Independence and Objectivity requires the internal audit function to be independent and auditors to be objective in performing their work.

Question 2

The IIA's Code of Ethics principle of 'integrity' primarily requires internal auditors to:

Accepted Answer

Perform work with honesty and avoid acts that discredit the profession

Answer

The integrity principle requires auditors to perform work with honesty, diligence, and responsibility, and to avoid acts that discredit the profession.

Question 3

An internal auditor discovers that a close personal friend works in a department being audited. The auditor should FIRST:

Accepted Answer

Recuse themselves and disclose the conflict to the CAE

Answer

When a personal relationship creates a potential independence impairment, the auditor must immediately disclose the conflict to the CAE for reassignment or other resolution.

Question 4

Under the IIA Standards, 'due professional care' requires internal auditors to consider which of the following during planning?

Accepted Answer

The probability of significant errors, fraud, or noncompliance

Answer

Standard 1220 requires auditors to consider the likelihood of significant errors, irregularities, or noncompliance when applying due professional care.

Question 5

A Quality Assurance and Improvement Program (QAIP) must include which two types of assessments?

Accepted Answer

Ongoing monitoring and periodic self-assessments or external assessments

Answer

Standard 1300 requires the QAIP to include ongoing internal monitoring and periodic internal and external assessments to evaluate conformance with the Standards.

Certified Internal Auditor Practice Test

Certified Internal Auditor Practice Test

Certified Internal Auditor Professional Standards & Competencies 2