Chapter 3 Attributive Standards

Question 1

Attributive standards (1000 series)

Answer 1

Onthou dis soos die “House Rules”

Question 2

Standard 1000

Answer 2

The audit charter is a formal document that contains all of the details about the audit activity such as

-Purpose, Authority, responsibility

The Audit Charter should be compiled and contain all of the relevant purpose, authority and responsibilities requirements

The CAE must review this charter periodically and present it to the board and management for approval.

• Purpose, authority and responsibiity
• position within organisation
• access to documents and personel
• defines the scope

Question 3

Standard 1100

Answer 3

Independence refers to the state where an internal auditor can carry out his/her duties without any threats of his unbiased manner in which it should be done. Threats should be reported and managed

• Independence and Objectivity

The Internal Audit activity must be independent and internal auditors must be objective in performing their work

Question 4

Standard 1200

Answer 4

• Proficiency and Due professional Care

All engagements should be performed with proficiency and due professional care.

The CAE should ensure that all the persons on the audit team collectively posses the necessary skills and knowledge to perform the audit

Due Professional Care refers to the Internal Auditor adhering to the code of ethics as well as he code of conduct of any other designations he might hold