A newly hired chief audit executive is reviewing available documentation to provide evidence of conformance with the standard for continuing professional development. Which of the following documents is the most reliable source for this purpose?
The most reliable source of documentation for conformance with the standard for continuing professional development is the organization's training policy. This policy typically outlines the requirements for ongoing education, training, and professional development for internal auditors. It may include mandatory training hours, the types of training that qualify, and procedures for tracking and reporting completed training. Other documents, such as a list of auditors attending a conference or an in-house training manual, may provide evidence of individual training activities but do not provide comprehensive proof of an ongoing commitment to professional development across the entire internal audit activity.
IIA Standard 1230: Continuing Professional Development
IIA Practice Guide: Continuing Professional Development
A new company's risk management function is developing its cybersecurity risk management program Which of the following actions should be the first priority when developing the program?
When developing a new cybersecurity risk management program, the first priority should be to define the cybersecurity risk appetite. This involves setting the acceptable level of risk the organization is willing to tolerate and is critical to guide the scope and focus of the cybersecurity initiatives. Performing a cost-benefit analysis of the program at this stage is also crucial to ensure that the planned measures are economically viable and align with the organization's strategic objectives. Reference: Best practices in cybersecurity risk management
Which of the following is the internal audit activity expected to do with respect to the organization's governance processes?
Internal audit activities are expected to contribute to the improvement of the organization's governance processes. To effectively fulfill this role, internal auditors must work with the board to agree on the scope of their governance assessments. This includes defining the range of activities to be reviewed, the depth of these reviews, and the time period covered. Achieving this agreement ensures that the internal audit's evaluation aligns with the board's expectations and the organization's strategic objectives, thereby enhancing the overall governance framework.
IIA Standard 2110: Governance
IIA Practice Guide: Assessing Organizational Governance
Which of the following is the most appropriate way to ensure that a newly formed internal audit activity remains free from undue influence by management?
The most effective way to ensure that a newly formed internal audit activity remains free from undue management influence is to establish the internal audit activity's position within the organization through an audit charter. According to the Institute of Internal Auditors (IIA) standards, the audit charter should define the purpose, authority, and responsibility of the internal audit activity, clearly outlining the scope of internal auditing within the organization. This foundational document formalizes the internal audit function's role and provides a framework that supports its operational independence. Reference: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing.
According to MA guidance, which of the following statements is true regarding internal auditors' use of technology-based techniques?
According to IIA guidance, internal auditors must consider using technology in their audit engagements only when the implementation cost does not exceed the benefits. This approach aligns with the principle of adding value and effectiveness in audit processes while maintaining cost-effectiveness. Reference: The IIA's guidelines on the use of technology in auditing, including cost-benefit analysis considerations.
