Flashcards in Performance Standards Deck (11):
List the 7 primary themes of Performance standards:
1. Managing the internal audit activity
2. Nature of work
3. Engagement planning
4. Performing the engagement
5. Communicating results
6. Monitoring progress
7. Resolution of Sr Mgt's acceptance of risks
Define "Managing the Internal Audit Activity"
The chief audit executive must effectively manage the internal audit activity to endure that it adds value to the organization.
Define nature of work
The internal audit activity must evaluate and contribute to the importance of governance, risk management, and control processes, using a systematic and disciplined approach.
Define "Engagement Planning"
Internal auditors must develop and document a plan for each engagement, including engagement objectives, scope, timing, and resource allocations.
Define Performing the Engagement
Internal auditor must identity, analyze, evaluate, and document sufficient info to achieve engagement's objectives
Define "Communicating Results"
Internal auditors must communicate the results of the engagement.
Define the "Monitoring Progress"
The chief audit executive must establish and maintain a system to monitor the disposition of results communicated to management.
Define the "Resolution of Senior Management's Acceptance of Risks"
When the chief audit executive believes that sr mgt has accepted a level of residual risk that may be unacceptable to the organization, the chief audit executive must discuss the matter w sr Mgt. If the decision regarding residual risk is not resolved, the chief audit exec must report the matter to the board for resolution.
Define Performance Standards
They describe internal auditing and identify the quality of criteria used to measure the performance of internal audit services.
"Performing the Engagement" primarily focused on:
The internal auditor's responsibility for gathering evidence to appropriately support the conclusions reached and for properly supervising members of the engagement team.