Performance Standards Flashcards

0
Q

Define “Managing the Internal Audit Activity”

A

The chief audit executive must effectively manage the internal audit activity to endure that it adds value to the organization.

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1
Q

List the 7 primary themes of Performance standards:

A
  1. Managing the internal audit activity
  2. Nature of work
  3. Engagement planning
  4. Performing the engagement
  5. Communicating results
  6. Monitoring progress
  7. Resolution of Sr Mgt’s acceptance of risks
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2
Q

Define nature of work

A

The internal audit activity must evaluate and contribute to the importance of governance, risk management, and control processes, using a systematic and disciplined approach.

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3
Q

Define “Engagement Planning”

A

Internal auditors must develop and document a plan for each engagement, including engagement objectives, scope, timing, and resource allocations.

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4
Q

Define Performing the Engagement

A

Internal auditor must identity, analyze, evaluate, and document sufficient info to achieve engagement’s objectives

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5
Q

Define “Communicating Results”

A

Internal auditors must communicate the results of the engagement.

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6
Q

Define the “Monitoring Progress”

A

The chief audit executive must establish and maintain a system to monitor the disposition of results communicated to management.

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7
Q

Define the “Resolution of Senior Management’s Acceptance of Risks”

A

When the chief audit executive believes that sr mgt has accepted a level of residual risk that may be unacceptable to the organization, the chief audit executive must discuss the matter w sr Mgt. If the decision regarding residual risk is not resolved, the chief audit exec must report the matter to the board for resolution.

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8
Q

Define Performance Standards

A

They describe internal auditing and identify the quality of criteria used to measure the performance of internal audit services.

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9
Q

“Performing the Engagement” primarily focused on:

A

The internal auditor’s responsibility for gathering evidence to appropriately support the conclusions reached and for properly supervising members of the engagement team.

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10
Q

The various standards related to “Communicating Results” require:

A

That communication of the results of an engagement include the engagement’s objectives and scope along with applicable conclusions, recommendations, and action plans.

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