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CIA 1 > SECTION A > Flashcards

SECTION A Flashcards

1
Q

Meaning of IPPF

A

International Professional Practices Framework

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2
Q

Meaning of The IIA

A

The Institute of Internal Auditors

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3
Q

2 miSSions of Internal Audit as per The IIA

A
  1. To enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight.
  2. Facilitating the achievement of this mission is the IPPF
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4
Q

Why does the IPPF organizes The IIA’s authoritative guidance

A

To make it accessible and strengthens The IIA as a global standard setter

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5
Q

Two Types of guidance of IPPF

A

Mandatory and Recommended

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6
Q

Adherence to the mandatory guidance is ________ for the professional practice of internal auditing

A

Internal Audit

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7
Q

If the STANDARDS are used with requirements of other authoritative bodies, what does the internal audit communications may do?

A

They may cite the other requirements

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8
Q

If the STANDARDS and OTHER REQUIREMENTS are inconsistent, how will the internal auditors choose where to conform?

A

which is more RESTRICTIVE

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9
Q

4 Elements of Mandatory Guidance

A
  1. Core Principles for the Professional Practice of Internal Auditing
  2. Definition of Internal Auditing
  3. Code of Ethics
  4. Standards
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10
Q

_______ is the BASIS for internal audit effectiveness.

A

Core Principles

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11
Q

The internal audit function is effective if all principles are _______ and ________ ___________

A

present and operating EFFECTIVELY

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12
Q

10 Core Principles

A
  1. Demonstrates integrity
  2. Demonstrates competence and due professional care
  3. Demonstrates quality and continuous improvement
  4. Is objective and free from undue influence
  5. Is appropriately positioned and adequately resourced
  6. Is insightful, proactive, and future focused
  7. Provides risk based assurance
  8. Promotes organizational improvement
  9. Communicates effectively
  10. Aligns with strategies, objectives, and risks of the organization.
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13
Q

_________ is a CONCISE statement of the role of internal audit activity in the organization

A

Definition of Internal Auditing

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14
Q

Internal auditing is an i________, o_________ a_________, and c________ a_______ designed to a______ v______ and ________ an o__________ o_________. It helps and organization accomplish its o_________ by bringing a s________ d_________ a________ to e_______ and i_________ the effectiveness of r_______ m_______, c_______, and g_________ p________.

A

independent
objective assurance
consulting activity
add value
improve
organization’s operations
objectives
systematic disciplined approach
evaluate
improve
risk management
control
governance processes

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15
Q

The STANDARDS is FORMALLY known as

A

International Standards for the Professional Practice of Internal Auditing

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16
Q

4 purposes of the standards

A
  1. Guide adherence with the mandatory elements of the International Professional Practice Framework
  2. Provide a framework for performing and promoting a broad range of value-added internal auditing services
  3. Establish the basis for the evaluation of internal audit performance
  4. Foster improved organizational processes and operations
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17
Q

1st purpose of the standards
Guide ________ with the ________ _________ of the ____

A

adherence
mandatory elements
IPPF

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18
Q

2nd purpose of the standards
Provide a ________ for _______ and ________ a broad range of ________ __________ _________ _________ ___________

A

framework
performing
promoting
value-added internal auditing services

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19
Q

3rd purpose of the standards
Establish the ______ for ______

A
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20
Q

3rd purpose of the standards
Establish the ______ for the ________ of ______ ________ _________

A

basis
evaluation
internal audit performance

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21
Q

4th purpose of the standards
Foster _______ _________ __________ and _________

A

improved organizational processes and operations

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22
Q

The Standards are _____ to the practice of internal auditing, but ___ candidates need not to _______ them.

A

Vital
CIA
memorize

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23
Q

The principles established should be ________ __________ and ________ ________

A

thoroughly understood
appropriately applied

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24
Q

Attribute Standards are numbered in:

A

1000s

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25
Q

The Attribute Standards govern the _________, _________, and ________ of the _________ _________ __________ and the people who serve as __________ __________.

A

responsibilities
attitudes
actions
organization’s internal activity
internal auditors

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26
Q

Attribute Standards appear in _______ with ________ __________

A

boxes
green highlighting

27
Q

Performance Standards are numbered in:

A

2000s

28
Q

Performance Standards govern the ______ of _______ ________ and provide ________ ________ for _________ the _________ _________ _________ __________

A

nature of internal auditing
quality criteria
evaluating
internal audit function’s performance

29
Q

Performance Standards appear in _______ with ________ __________

A

boxes
green highlighting

30
Q

These are provided by The IIA to clarify terms and concepts referred to in Attribute and Performance Standards

A

Interpretation

30
Q

These are provided by The IIA to clarify terms and concepts referred to in Attribute and Performance Standards

A

Interpretation

31
Q

Interpretations appear in _______ with ________ __________

A

boxes
blue highlighting

32
Q

How does the IMPLEMENTATION STANDARDS expand upon the individual Attribute or Performance Standards? (AC)

A

By Providing the requirements to assurance and consulting services

33
Q

Implementation Standards appear in _______ with ________ __________

A

boxes
gray highlighting

34
Q

The Core Principles and the Definition of Internal Auditing are encompassed in the ___________ and __________

A

Code of Ethics and Standards

35
Q

Conformance with the Code and the Standards demonstrates:

A

conformance with all the mandatory elements of the IPPF

36
Q

The pronouncements that constitute RECOMMENDED GUIDANCE have been developed by the IIA through a

A

formal approval process

37
Q

They describe practices for effective implementation of the four mandatory elements

A

RECOMMENDED GUIDANCE

38
Q

Two recommended elements of the IPPF

A

Implementation Guidance
Supplemental Guidance

39
Q

Purpose of internal audit activity as defined in the glossary:

A

Same with the Definition of Internal Auditing (1 paragraph, 2 sentences)

40
Q

Per the Standards, assurance services involve the internal auditor’s ________ ________ of __________ to provide _________ regarding an ________, __________, __________, _________, ________ or __________.

A

objective assessment
evidence
OPINIONS
entity, operation, function, process, system, other subject matters

41
Q

The NATURE and SCOPE of an assurance ENGAGEMENT are determined by whom:

A

Internal Auditor

42
Q

How many parties are involved in assurance services?

A

Three

43
Q

What are the 3 parties involved in assurance services

A

Process owner
Internal Auditor
User

44
Q

The IIA Glossary defines assurance services as an __________ __________ of _________ for the purpose of __________ an __________ ___________ on __________, ______ __________ and ________ _________ for the organization

A

objective examination
evidence
providing an independent assessment
governance
risk management
control processes

45
Q

Assurance services include such engagements: (5)

A

Financial
Performance
Compliance
System Security
Due Diligence

46
Q

Per the Standards, CONSULTING SERVICES are ________ in nature and are generally performed at the _________ __________ of an _________ __________

A

advisory
specific request
engagement client

47
Q

The IIA Glossary defines consulting services as _________ intended to _____ _________ and _________ an organization’s ___________, ________ _________, and ________ _________ without the _______ ________ assuming the __________ ____________.

A

activities
add value
improve
governance, risk management, control processes
internal auditor
management responsibility

48
Q

The NATURE and SCOPE of consulting ENGAGEMENT are determined by whom:

A

agreement with the engagement client

49
Q

What are the two parties involved in a consulting engagement?

A

Internal Auditor
Engagement Client

50
Q

Consulting services include such engagements: (4)

A

Counsel
Advice
Facilitation
Training

51
Q

The support of management and the board is _______ when inevitable conflicts between the _______ _______ ________ and the _______ or _________ under _________.

A

Crucial
internal audit activity
department or function
review

52
Q

The ________ should be empowered to ______ auditees to grant ______ to all ______, _______, and __________ _________ to the performance of every engagement.

A

internal audit activity
require
access
records, personnel, and physical properties
RELEVANT

53
Q

A formal______ for the internal audit activity that defines the internal audit activity’s ________, ________, and_________ must be adopted, and it should contain a grant of sufficient __________.

A

charter
purpose, authority, responsibility
authority

54
Q

Final approval of the charter resides with the _________.

A

board

55
Q

The internal audit activity’s responsibility is to provide the organization with _______ and ________ services that will add _____ and _______ the organization’s __________.

A

assurance
consulting
value
improve
operations

56
Q

Specifically, the internal audit activity must _______ and _________ the effectiveness of the organization’s ________, ____________, and ___________.

A

evaluate
improve
governance
risk management
control processes

57
Q

The primary purpose of a code of ethical conduct for a professional organization is to promote an ______ ____________ among professionals who serve others.

A

ethical culture

58
Q

Additional functions of a code of ethical conduct for a professional organization include

A

Communicating acceptable values to all members,
Establishing objective standards against which individuals can measure their own performance, and
Communicating the organization’s values to outsiders

59
Q

1st additional function of a code of ethical conduct for a professional organization

_________ _________ ________ to all members

A

Communicating acceptable values

60
Q

2nd additional function of a code of ethical conduct for a professional organization

_________ ________ __________ against which individuals can measure their own __________

A

Establishing objective standards

performance

61
Q

3rd additional function of a code of ethical conduct for a professional organization

____________ the organization’s ______ to __________

A

Communicating
values
outsiders

62
Q

Aspects of Codes of Ethical Conduct

A

CIA 1 (2 decks)

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