BEC - Corporate Governance & Internal Control

Question 1

how often does an internal audit activity need to be assessed externally?

Answer 1

every five years.

Question 2

what are the primary themes associated with internal audit attribute standards

Answer 2

(1) Purpose, Authority, and Responsibility; (2) Independence and Objectivity; (3) Proficiency and Due Professional Care; and (4) Quality Assurance and Improvement Program.

Question 3

the 7 primary themes of the performance standards:

Answer 3

(1) Managing the Internal Audit Activity; (2) Nature of Work; (3) Engagement Planning; (4) Performing the Engagement; (5) Communicating Results; (6) Monitoring Progress; and (7) Resolution of Senior Management’s Acceptance of Risks.