Focus 4/8 - Domain 1, 2 and 5

Question 1

Red Book: What is Domain 5?

Answer 1

Performing Internal Audit Services

Question 2

Red Book: What are the Principles of Domain 5. Performing Internal Audit Services?

Answer 2

Principle 13: Plan Engagements Effectively
Principle 14: Conduct Engagement Work
Principle 15: Communicate Engagement Results and Monitor Action Plans

Question 3

Red Book: What are the Standards for Domain 5, Principle 13 Plan Engagements Effectively?

Answer 3

Engagement Communication
Engagement Risk Assessment
Engagement Objectives and Scope
Engagement Evaluation Criteria
Engagement Resources
Engagement Work Program

Question 4

Red Book: What are the Standards for Domain 5, Principle 14 Conduct Engagement Work?

Answer 4

Gathering Information for Analyses and Evaluation
Analyses and Potential Engagement Findings
Evaluation of Findings
Recommendations and Action Plans
Engagement Conclusions
Engagement Documentation

Question 5

Red Book: What are the Standards for Domain 5, Principle 15 Communicate Engagement Results and Monitor Actions Plans?

Answer 5

Final Engagement Communication
Confirming the Implementation of Recommendations and Action Plans

Question 6

What is the purpose of internal auditing?

Answer 6

To strengthen the organization’s ability to create, protect, and sustain value by providing board and management with independent, risk-based, and objective assurance, advice, insight, and foresight.

Question 7

Red Book: What are the Principles of Domain 2. Ethics and Professionalism?

Answer 7

Principle 1: Demonstrate Integrity
Principle 2: Maintain Objectivity
Principle 3: Demonstrate Competency
Principle 4: Exercise Due Professional Care
Principle 5: Maintain Confidentiality