Fundamental concepts of IA

Question 1

Definition of IA /authority/

Answer 1

Is independent and
objectives

Question 2

Definition of IA /service/

Answer 2

An assurance and consulting service

Question 3

Definition of IA /goal/

Answer 3

Aims to add value and improve operations

Question 4

Definition of IA /help/

Answer 4

It helps accomplish objectives

Question 5

Definition of IA /approach/

Answer 5

The approach used is systematic and disciplined

Question 6

Definition of IA /process improve/

Answer 6

It aims to improve 1. risk management, 2. control, 3. governance processes.

Question 7

Purpose of IA /determine/

Answer 7

We determine if governance, risk management and control are in placed and functioning properly.

Question 8

Purpose of IA /provide/

Answer 8

We provide assurance and consulting services which are independent and objective.

Question 9

Purpose of IA /improve/

Answer 9

We improve operations and add value.

Question 10

Purpose of IA /support/

Answer 10

We support the achieving objectives.

Question 11

Purpose of IA /seek/

Answer 11

We seek and report on opportunities for improvement or risk exposures.

Question 12

Governance

Answer 12

Internal auditors help assess and improve governance.

Question 13

Risk management

Answer 13

Internal auditors help in risk management.

Question 14

Controls - auditors help

Answer 14

Internal auditors help maintain effective controls.

Question 15

Controls /evaluate/

Answer 15

We evaluate whether controls are effective and efficient.

Question 16

Controls/promote/

Answer 16

We promote the continuous improvement of the control environment.

Question 17

Controls /identify/

Answer 17

We identify how to improve controls.

Question 18

Risk management /identify/

Answer 18

We identify and evaluate significant risks.

Question 19

Risk management /improve/

Answer 19

We help improve risk management and internal control.

Question 20

Risk management /evaluate/

Answer 20

We evaluate the system for managing risks.

Question 21

Governance/provide/

Answer 21

We provide assurance on how performance is managed and on accountability.

Question 22

Governance/promote/

Answer 22

We promote ethics and values.

Question 23

Governance/coordinate/

Answer 23

We help coordinate internal and external assurance.

Question 24

Governance/communicate/

Answer 24

We communicate risk and control information (to the governing bodies).

Question 25

Governance (how communicate)

Answer 25

We communicate timely and relevant information (to the governing bodies).

Question 26

Mission of IA

Answer 26

to enhance and protect organizational value.
How: by providing assurance, advice, and insight.
Which are: risk-based and objective

Question 27

Principle (Code of Ethics)

Answer 27

Demonstrates integrity.

Question 28

Principle (Standard 1200 Proficiency and Due Professional Care)

Answer 28

Demonstrates competence and due professional care.

Question 29

Principle (Standard 1100 Independence and Objectivity, Code of Ethics)

Answer 29

Is objective and free from undue influence (independent).

Question 30

Principle (Mission of IA - to help ‘add-value’ - Align with)

Answer 30

Aligns with the strategies, objectives, and risks of the organization.

Question 31

Core Principle (Standard 1000 Purpose, Authority, Responsibility and IA charter)

Answer 31

Is appropriately positioned and adequately resourced.

Question 32

Principle (Standard 1220 Due Professional Care and Standard 1230 Consulting Professional Development)

Answer 32

Demonstrates quality and continuous improvement.

Question 33

Principle (key skill - is mentioned 50 times in the Standards)

Answer 33

Communicates effectively.

Question 34

Principle (key concept - is mentioned 73 times in the Standards)

Answer 34

Provides risk-based assurance.

Question 35

Principle (Mission of IA - to help ‘add-value’ - approach)

Answer 35

Is insightful, proactive, and future-focused.

Question 36

Principle (definition- improve an organization’s operations)

Answer 36

Promotes organizational improvement.

Question 37

Attribute Standards

Answer 37

1. Characteristics of those performing internal audit activities.
2. Apply to both internal audit services and auditors.

Question 38

Performance Standards

Answer 38

1. Are the quality criteria used for evaluating internal audit performance.

2 Describe the nature of internal audit work.

Question 39

Implementation Guidance

Answer 39

1. Expand on the Standards.
2. Are instructions for implementing the Standards.