Domain I: Purpose of Internal Auditing

Question 1

Role of Internal Auditing:

Answer 1

• Strengthens the organization’s ability to create, protect, and maintain value.
• Provides independent, risk-based, and objective assurance, advice, insights, and foresight.

Question 2

IA Benefits

Answer 2

• Enhances achievement of organizational objectives.
• Improves governance, risk management, and control processes.
• Supports better decision-making and oversight.
• Builds reputation and credibility with stakeholders.
• Aids in serving the public interest.

Question 3

IA is most effective when:

Answer 3

• Conducted by competent professionals following Global Internal Audit Standards.
• Positioned independently with direct accountability to the board.
• Internal auditors must be free from undue influence and committed to objectivity.