Global standards framework

Question 1

What are the five domains of the Fundamentals of the Global Internal Audit Standards?

Answer 1

1. Purpose of Internal Auditing
2. Ethics and Professionalism
3. Governing the Internal Audit Function
4. Managing the Internal Audit Function
5. Performing Internal Audit Services

These domains serve as the foundation for internal auditing globally.

Question 2

What are the behavioral expectations outlined in the Ethics and Professionalism section?

Answer 2

Integrity, objectivity, competency, due professional care, and confidentiality

Internal auditors must adhere to moral and ethical principles, be truthful, and maintain professional courage.

Question 3

What skills are internal auditors expected to continuously develop according to the Competency section?

Answer 3

Professional skepticism, understanding governance, risk management, and communication

Continuous skill development is necessary for effective auditing.

Question 4

What does Governance involve in Governing and Managing the Internal Audit Function?

Answer 4

Ensuring internal audit independence and alignment with the board’s objectives

Governance is essential for maintaining independence and alignment.

Question 5

What are the detailed processes highlighted in Performing Internal Audit Services?

Answer 5

Engagement planning, conducting audits, and communicating results

The processes include assessing risks, developing objectives, and gathering evidence.

Question 6

What is stressed in the Confidentiality and Legal Compliance section?

Answer 6

The importance of confidentiality in handling sensitive information and ensuring compliance with laws and regulations

Maintaining confidentiality and legal compliance is crucial.

Question 7

What guidance do the standards offer in the Public Sector Application section?

Answer 7

Specific guidance for internal audit functions in the public sector, acknowledging differences in governance, structure, and accountability compared to the private sector

Recognizing the unique challenges of the public sector.

Question 8

What is the overall purpose of the Global Internal Audit Standards?

Answer 8

To standardize internal auditing practices worldwide, ensure quality and effective services, enhance governance, risk management, and protect the public interest

Global standards aim to improve internal auditing practices globally.