IIA Standards (Attribute Stds)

An element of authority that must be included in the IA charter activity is

• Access to the external auditor’s engagement records

• Types of disclosures that should be made to the board

• Access to records & other properties relevant to the review

• Organizational units where engagements are to be performed

The purposes of the Standards include all of the following except

• Establish basis for the measurement of IA performance

• Foster improved org. processes and operations

• Guide the ethical conduct of internal auditors

• Guide adherence to the mandatory elements of the IPPF

Which situations most likely violates The IIA's Code of Ethics and the Standards?

• IA Charter requires CIA to present annual IA plan to AC

• Auditor removed issue from report due to insufficient info

• CIA hired expert for the review due to lack of IA skills

• CIA discuss issues with fellow CIA from another company

Ben transferred from S&S to IA in June and recently assigned to perform advisory for S&S Dept.

• Ok to perform

• Need to seek approval from AC

• Need to seek approval from CIA

• Not to be assigned - impair objectivity independence

There are 2 types of Standards. Which Standards apply to characteristics of provider of IA services?

• Implementation Standards

• Performance Standards

• Attribute Standards

• Independence Standards

The types of services provided by the internal audit activity can best be described as

• Auditing and engagement

• Assurance and consulting

• Auditing and consulting

• Auditing and assurance

One aspect of objectivity requires

• Performance of professional duties in accordance to laws

• Avoidance of conflict of interest

• Refrain from using P&C info for illegal advantage

• Maintenance of appropriate level of professional expertise

Which one of the following is not included in the IA Charter

• Responsibility of the internal audit activity

• Purpose of the internal audit activity

• Risk assessment of the internal audit activity

• Authority of the internal audit activity

The authority of internal audit activity is limited to that granted by

• Senior Management and Board

• Senior Management and the Standards

• Board, CEO and CFO

• Board and CAE

To comply with Attribute Standards 1320, results of QAR assessments

• are reported to CAE and IA team members

• are reported to AC and no follow up is required

• are reported to AC and CAE formulates follow up activities

• are reported to AC, external auditors and IIA