Which the following activities should be performed by the internal audit activity to facilitate an effective relationship with the audit committee?1. Periodically report about the accounting standards followed by the organization.2. Provide assurance to the audit committee that its charter, activities, and processes are appropriate.3. Ensure that the role and activities of the internal audit activity are clearly understood and responsive to the needs of the audit committee.4. Maintain open and effective communications with the audit committee.
Answer(s): D
A chief audit executive (CAE) learns that the brother-in-law of a senior auditor who audits the procurement process was hired as the head of the procurement department six months prior. Which of the following is the most appropriate action for the CAE to take?
Answer(s): C
The chief audit executive (CAE) of a mid-sized pharmaceutical organization has operational responsibility for the regulatory compliance function. The audit committee requests an assessment of regulatory compliance. According to IIA guidance, which of the following is the CAE's best course of action?
Which of the following is not one of the 10 core competencies identified in the IIA Competency Framework?
Answer(s): B
Which of the following actions should an internal auditor take to exercise due professional care?1. Consider the probability of significant noncompliance in each audit engagement.2. Weigh the cost of assurance against the benefits. 3. Perform assurance procedures with sufficient care to ensure that all risks are identified.
Answer(s): A
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