Fundamentals Of Audit Standards

Question 1

The Audit Standards contain 15 principles that enable effective internal auditing. What are these principles supported by?

Answer 1

They are supported by standards that contain requirements, considerations for implementation, and examples of evidence of conformance.

Question 2

What is the primary function of internal auditing?

Answer 2

To strengthen governance, risk management, and control processes

Question 3

What are the 5 domains of the auditing standards?

Answer 3

Domain 1: Purpose of Internal Auditing

Domain 2: Ethics and Professionalism

Domain 3: Governing the Internal Audit Function

Domain 4: Managing the Internal Audit Function

Domain 5: Performing Internal Audit Services

Question 4

What elements are contained in domains 2-5?

Answer 4

1. Principles- Broad descriptions of a related group of requirements and considerations
2. Standards which include:

• Requirements: mandatory practices for internal auditing
• Considerations for Implementation: common and preferred practices to consider when implementing the requirements
• Examples of Evidence of Conformance: ways to demonstrate that the requirements of the standards have been implemented.