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Terms in this set (19)
Structure of attribute standards?
The IIA's Attribute Standards focus on key characteristics ("attributes") of organizations and individuals performing internal audit activities. The Standards are presented as "Statements" that are organized around four primary themes. Fourteen additional Statements are issued under those four primary themes. The Standards include a number of "Interpretations" which clarify the concepts within the Statements.
4 primary themes of attribute standards?
(1) Purpose, Authority, and Responsibility;
(2) Independence and Objectivity;
(3) Proficiency and Due Professional Care; and
(4) Quality Assurance and Improvement Program
Purpose, Authority and Responsibility standards?
1. Purpose, Authority and Responsibility standard (std 1000)
2. Recognition of the Definition of Internal Auditing, the Code of Ethics, and the Standards in the Internal Audit Charter (std 1010)
Purpose, Authority and Responsibility standard?
The purpose, authority, and responsibility of the internal audit activity must be formally defined in an internal audit charter, consistent with the Definition of Internal Auditing, the Code of Ethics, and the Standards. The chief audit executive must periodically review the internal audit charter and present it to senior management and the board for approval
Implementation standards for standard 1000?
1. The nature of assurance services must be defined in the internal audit charter. (1000.A1)
2. The nature of consulting services must be defined in the internal audit charter. (1000.C1)
Independence and Objectivity standards?
"Internal audit activity must be independent and Internal auditors must be objective when performing their work" (std 1100)
1. Organizational independence
2. Direct interaction with the board
3. Individual objectivity
4. Impairment to independence and objectivity
"The chief audit executive must report to a level within the organization that allows the internal audit activity to fulfill its responsibilities. The chief audit executive must confirm to the board, at least annually, the organizational independence of the internal audit activity."(std 1110)
Organizational independence implementation standard?
Internal audit activity must be free from interference in determining the scope of internal auditing, performing work, and communicating results.
If independence or objectivity is impaired in fact or appearance, the details of the impairment must be disclosed to appropriate parties. The nature of the disclosure will depend upon the impairment (std 1120)
Individual objectivity implementation standards? (4)
a. Internal auditors must not provide assurance services related to operations for which they were responsible within the previous year. (1130.A1)
b. Assurance engagements for functions that are the responsibility of the chief audit executive must be overseen by someone outside the internal audit activity. (1130.A2)
c. Internal auditors may provide consulting services related to operations for which they had previous responsibilities. (1130.C1)
d. Disclosure must be made to the engagement client prior to accepting the consulting engagement when the internal auditors have potential impairments to independence or objectivity related to the proposed consulting services. (1130.C2)
Proficiency and due professional care? 3 standards?
Engagements must be performed with proficiency and due professional care (std 1200)
2. Due professional care
3. Continuing professional development
Internal auditors must possess the knowledge, skills, and other competencies needed to perform their individual responsibilities. The internal audit activity collectively must possess or obtain the knowledge, skills, and other competencies needed to perform its responsibilities (or engage someone with the skills for the engagement)
Quality assurance and Improvement program standard?
The chief audit executive must develop and maintain a quality assurance and improvement program that covers all aspects of the internal audit activity (std 1300)
6 quality assurance and improvement program standards?
1. Requirements of the Quality Assurance & Improvement Program
2. Internal Assessments
3. External Assessments
4. Reporting on the Quality Assurance & Improvement Program
5. Use of "Conforms with the International Standards—for the Professional Practice of Internal Auditing"
6. Disclosure of Non-conformance
Requirements of the Quality Assurance & Improvement Program
The quality assurance and improvement program must include both internal and external assessments
Internal assessments must include:
Ongoing monitoring of the performance of the internal audit activity; and
Periodic reviews performed through self-assessment or by other persons within the organization with sufficient knowledge of internal audit practices
Must be conducted at least once every five years by a qualified, independent reviewer or review team from outside the organization. The chief audit executive must discuss with the board:
The need for more frequent external assessments; and
The qualifications and independence of the external reviewer or review team, including any potential conflict of interest
Reporting on the Quality Assurance & Improvement Program?
The chief audit executive must communicate the results of the quality assurance and improvement program to senior management and the board
Disclosure of non-conformance
When nonconformance with the Definition of Internal Auditing, the Code of Ethics, or the Standards impacts the overall scope or operation of the internal audit activity, the chief audit executive must disclose the nonconformance and the impact to senior management and the board
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