Accounting > EXAM > Part 1: Internal Audit Basics SECTION I: Mandatory Guidance (All)
Part 1: Internal Audit Basics SECTION I: Mandatory Guidance Chapter A: Definition of Internal Auditing 1. A key element of the chief audit executive’s (CAE’s) relationship with the audit commit... tee is A. a direct channel of communication between the CAE and the audit committee. B. joint participation at all board meetings. C. the mandatory presence of management at any meetings between the CAE and the audit committee chairperson. D. joint attendance at all shareholder meetings. Most internal audit functions have a functional reporting relationship to the audit committee, defined in the written charters of the internal audit and the audit committee. A key element of this relationship is a direct channel of communication. This typically includes provisions for the CAE to have unrestricted access to the audit committee chairperson at any time. Regular communications with the board are important, but CAEs do not generally attend and participate in board or shareholder meetings. 2. The IIA definition of internal auditing charges internal auditors A. to review business objectives and ensure they are measurable and achievable. B. with an involved role in the organization’s risk management and governance processes. C. with a responsibility to guarantee management controls are appropriate. D. with a charter to safeguard organizational resources against losses. The IIA defines internal auditing as “an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.” In delineating this working domain for internal auditors is the understanding that controls help the organization manage risk and promote effective [Show More]
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