Glossary

Question 1

A

Answer 1

• Activity Under Review: Subject of the audit (e.g., process).
• Advisory Services: Non-assurance advisory roles.
• Assurance: Statement boosting confidence in governance.
• Assurance Services: Objective audits (e.g., compliance).

Question 2

B, C

Answer 2

Board: Highest governing body.
Chief Audit Executive: Leader of internal audits.
Compliance: Following laws and policies.
Conflict of Interest: Affects auditor objectivity.
Control: Actions to manage risk.

Question 3

E, F, G, I

Answer 3

• Engagement: Specific audit assignment.
• Finding: Gap between criteria and reality.
• Governance: Board’s processes for achieving goals.
• Independence: Unbiased audit performance.

Question 4

Q, R, S, W

Answer 4

• Quality Assurance Program: Ensures adherence to standards.
• Risk: Potential impact on objectives.
• Stakeholder: Interested party in outcomes.
• Workpapers: Documentation of audit findings.