Overview of Internal Audit

Which line of defense does Risk Management fall under?

• First Line of Defense

• Second Line of Defense

• Third Line of Defense

• None

What is the name of the institution that advocates, provides educational conferences, and develops standards, guidance, and certifications for the internal audit profession?

• Institute of Internal Auditors

• Institution of Global Auditors

• Institute of Financial Auditors

• Institute of the Audit Group

What specific skills are required to perform external audit work?

• Governance

• Economics

• Accounting and Finance

• Social Sciene

Governing bodies and senior management rely on internal auditing for objective assurance and insight of effectiveness and efficiency of.......

• governance, risk management and procurement procedures

• risk management and corporate governance procedures

• internal control and integrity

• governance, risk management and internal control processes

In order to maintain ________, IA reports administratively to the Managing Director and functionally to the Audit Committee

• Excellence

• Integrity

• Independence

• Good insight

What is an example of a type of audit review performed at BDCB?

• Process Review

• Analytical Review

• Method Review

• Timeline Review

What is the purpose of an Entry Meeting during the Internal Audit Review process?

• To interview the audit client

• To discuss and agree on final draft improvement opportunities

• To request for documentation

• To discuss the scope, objective and timeline of the review

BDCB Internal Audit would rate each observation/issue according to their respective risk level. How many risk levels are there?

• 3

• 4

• 5

• 2

Internal Audit divisions are subjected to an External Quality Assessment after how many years?

• Annually

• Every 5 years

• Every 3 years

• Every 6 months

The Institute of Internal Auditors encourages Internal Auditors to celebrate the International Internal Audit Awareness Month to promote the audit profession and minimise negative perceptions about IA. What does IA achieve to become?

• Compliance Police

• Business Partner

• Fault Finders

• Advisor