Internal Audit Competency Framework Quiz

What is the mission of internal auditing?

• To avoid risk assessment

• To maximize profits for the organization

• To provide assurance and consulting services

• To promote unethical behavior

What is the purpose of an internal audit charter?

• To limit the scope of internal audit activities

• To identify potential impairments to independence

• To promote unethical behavior

• To describe the authority and responsibilities of the internal audit activity

What is the importance of organizational independence for the internal audit activity?

• To increase the organization's profits

• To ensure internal auditors are not objective

• To maintain credibility and objectivity

• To avoid conducting consulting engagements

What is the significance of individual objectivity for internal auditors?

• To maintain credibility and objectivity

• To promote unethical behavior

• To avoid conducting assurance engagements

• To impair objectivity

Why is ethical behavior important for internal auditors?

• To avoid professional development

• To impair individual objectivity

• To demonstrate conformance with The IIA's Code of Ethics

• To violate The IIA's Code of Ethics

What does due professional care entail?

• Promoting unethical behavior

• Avoiding professional development

• Demonstrating due diligence and care in engagements

• Being careless in conducting engagements

Why is professional development important for internal auditors?

• To violate The IIA's Code of Ethics

• To recognize the need for continuing professional development

• To impair internal audit competency

• To avoid fulfilling responsibilities

What is the purpose of organizational governance?

• To detect risks related to governance policies

• To avoid risk management

• To impair internal control

• To recommend improvements to governance policies

Why is it important to recognize types of fraud and fraud risk?

• To impair risk management

• To avoid forensic auditing techniques

• To evaluate the potential for fraud and recommend controls

• To promote fraud within the organization

What is the purpose of using a risk management framework?

• To avoid identifying potential threats

• To assess the effectiveness of risk management

• To impair internal control

• To promote fraud risk