Certified Internal Auditor Quality Control & Assurance 2

Question 1

According to the IIA Standards, who is responsible for maintaining a quality assurance and improvement program (QAIP) for the internal audit activity?

Accepted Answer

The chief audit executive

Answer

Standard 1300 requires the chief audit executive to develop and maintain a QAIP that covers all aspects of the internal audit activity.

Question 2

Which element is NOT typically included in an internal audit quality assurance and improvement program?

Accepted Answer

Approval of the annual audit plan

Answer

Approval of the annual audit plan is a governance function, not a component of the QAIP; the QAIP consists of ongoing monitoring, self-assessments, and external assessments.

Question 3

A self-assessment with independent validation (SAIV) differs from a full external assessment primarily because:

Accepted Answer

An external reviewer validates the self-assessment work performed internally

Answer

In SAIV, the internal audit activity performs the self-assessment, and a qualified external reviewer validates the process and conclusions.

Question 4

How often must the internal audit activity obtain an external quality assessment at a minimum, per IIA Standards?

Accepted Answer

Every five years

Answer

Standard 1312 requires external assessments to be conducted at least once every five years by a qualified, independent assessor or assessment team.

Question 5

When an external quality assessment reveals that the internal audit activity 'generally conforms' to the IIA Standards, this means:

Accepted Answer

The activity has a sound system with minor deviations that do not impair overall effectiveness

Answer

'Generally conforms' means the internal audit activity has a professional and effective system with only minor deviations that do not compromise the overall quality of the function.

Certified Internal Auditor Practice Test

Certified Internal Auditor Practice Test

Certified Internal Auditor Quality Control & Assurance 2