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In which scenario might it be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function?
It would be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function if, prior to becoming the CAE, the CAE was the payroll manager. This scenario poses a conflict of interest and impacts the objectivity required for assurance services, as the CAE might have inherent biases or a conflict due to previous roles and responsibilities within the payroll function. Reference: The Institute of Internal Auditors (IIA) - Code of Ethics and International Standards for the Professional Practice of Internal Auditing.
Which of the following best demonstrates internal auditors performing their work with proficiency?
Demonstrating proficiency as an internal auditor is best reflected through continuous professional development. This involves adhering to The IIA's requirement for ongoing education to maintain proficiency and relevancy in the field of internal auditing. Continuous professional development ensures that auditors are up-to-date with the evolving audit practices, standards, and relevant regulatory requirements, thus enhancing their capability to perform effectively. Reference: The IIA's Code of Ethics and Continuing Professional Development standards.
Which of the following should a general internal auditor be able to characterize as an IT-related risk?
Audit logs are crucial for monitoring and reviewing the activities within IT systems, especially those processing personal data. The lack of audit logs presents a significant IT-related risk as it undermines the ability to trace any unauthorized or inappropriate access and actions within the system, thereby impacting the integrity and security of data. Reference: Best practices in IT security and internal control frameworks like COBIT and ISO/IEC 27001.
If the skills and competencies are not present within the internal audit activity to complete an ad-hoc assurance engagement, which of the following is an acceptable
resolution?
If the internal audit activity lacks the necessary skills and competencies to complete an ad-hoc assurance engagement, the most appropriate and professional action is to politely decline the engagement due to a lack of qualified staff. This decision upholds the IIA's standards on professional proficiency and due professional care. Reference: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing.
Which of the following disclosures must the chief audit executive (CAE) include when communicating the results of the quality assurance and improvement program to senior management and the board?
When communicating the results of the quality assurance and improvement program (QAIP) to senior management and the board, the chief audit executive (CAE) must include disclosures on the 'Scope and frequency of both the internal and external assessments.' This information provides stakeholders with insight into the comprehensiveness and timing of the QAIP evaluations, ensuring transparency and accountability in the internal audit function's efforts to maintain or improve quality and effectiveness. Reference: IIA Standard 1312 - External Assessments
