Internal Audit Division Quiz

When was IAD set up?

• 1993.

• 1998.

• 2003.

• 2008.

Which of the following statement describes an Internal Audit?

• An independent and objective insurance and advisory activities.

• An independent and objective assurance and advisory activities.

• An independent and objective assurance and financial activities.

• An independent and objective assurance and management activities.

Which of the following does not describe an external audit?

• Yearly audit.

• Independent party.

• Broader scope.

• Subject to materiality level.

Which of the following is the 3rd line of the three lines model?

• Compliance.

• A regulatory agency.

• External audit.

• Internal audit.

Which of the following is outside the three lines model?

• Internal audit.

• A regulatory agency.

• Management controls.

• Risk management.

What does IAD do during audit engagements?

• Define the risk universe.

• Provide advisory activities.

• Define audit charter.

• Perform fieldwork and audit testing.

What document defines IAD roles and objectives?

• Audit plan.

• Audit engagements.

• Audit charter.

• Audit scope.

Which of the following is not included in the Audit Charter?

• Mission statement.

• Scope.

• Principle objectives.

• Audit plan.

Who approves the Audit Charter?

• Management Committee.

• Investment Committee.

• Audit Committee.

• Board of Directors.

Which statement rightly describe IAD's mission statement? IAD provides independence and objective assurance and advisory activities on:

• The accuracy and materiality of the income statement and statement of financial position.

• The adequacy and effectiveness of risk management, control and governance process.

• The adequacy and the accuracy of legal agreements.

• The adequacy and effectiveness of risk management, control, governance process and income statement & statement of financial position.