SECTION A

Question 1

Meaning of IPPF

Answer 1

International Professional Practices Framework

Question 2

Meaning of The IIA

Answer 2

The Institute of Internal Auditors

Question 3

2 miSSions of Internal Audit as per The IIA

Answer 3

1. To enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight.
2. Facilitating the achievement of this mission is the IPPF

Question 4

Why does the IPPF organizes The IIA’s authoritative guidance

Answer 4

To make it accessible and strengthens The IIA as a global standard setter

Question 5

Two Types of guidance of IPPF

Answer 5

Mandatory and Recommended

Question 6

Adherence to the mandatory guidance is ________ for the professional practice of internal auditing

Answer 6

Internal Audit

Question 7

If the STANDARDS are used with requirements of other authoritative bodies, what does the internal audit communications may do?

Answer 7

They may cite the other requirements

Question 8

If the STANDARDS and OTHER REQUIREMENTS are inconsistent, how will the internal auditors choose where to conform?

Answer 8

which is more RESTRICTIVE

Question 9

4 Elements of Mandatory Guidance

Answer 9

1. Core Principles for the Professional Practice of Internal Auditing
2. Definition of Internal Auditing
3. Code of Ethics
4. Standards

Question 10

_______ is the BASIS for internal audit effectiveness.

Answer 10

Core Principles

Question 11

The internal audit function is effective if all principles are _______ and ________ ___________

Answer 11

present and operating EFFECTIVELY

Question 12

10 Core Principles

Answer 12

1. Demonstrates integrity
2. Demonstrates competence and due professional care
3. Demonstrates quality and continuous improvement
4. Is objective and free from undue influence
5. Is appropriately positioned and adequately resourced
6. Is insightful, proactive, and future focused
7. Provides risk based assurance
8. Promotes organizational improvement
9. Communicates effectively
10. Aligns with strategies, objectives, and risks of the organization.

Question 13

_________ is a CONCISE statement of the role of internal audit activity in the organization

Answer 13

Definition of Internal Auditing

Question 14

Internal auditing is an i________, o_________ a_________, and c________ a_______ designed to a______ v______ and ________ an o__________ o_________. It helps and organization accomplish its o_________ by bringing a s________ d_________ a________ to e_______ and i_________ the effectiveness of r_______ m_______, c_______, and g_________ p________.

Answer 14

independent
objective assurance
consulting activity
add value
improve
organization’s operations
objectives
systematic disciplined approach
evaluate
improve
risk management
control
governance processes

Question 15

The STANDARDS is FORMALLY known as

Answer 15

International Standards for the Professional Practice of Internal Auditing

Question 16

4 purposes of the standards

Answer 16

1. Guide adherence with the mandatory elements of the International Professional Practice Framework
2. Provide a framework for performing and promoting a broad range of value-added internal auditing services
3. Establish the basis for the evaluation of internal audit performance
4. Foster improved organizational processes and operations

Question 17

1st purpose of the standards
Guide ________ with the ________ _________ of the ____

Answer 17

adherence
mandatory elements
IPPF

Question 18

2nd purpose of the standards
Provide a ________ for _______ and ________ a broad range of ________ __________ _________ _________ ___________

Answer 18

framework
performing
promoting
value-added internal auditing services

Question 19

3rd purpose of the standards
Establish the ______ for ______

Question 20

3rd purpose of the standards
Establish the ______ for the ________ of ______ ________ _________

Answer 20

basis
evaluation
internal audit performance

Question 21

4th purpose of the standards
Foster _______ _________ __________ and _________

Answer 21

improved organizational processes and operations

Question 22

The Standards are _____ to the practice of internal auditing, but ___ candidates need not to _______ them.

Answer 22

Vital
CIA
memorize

Question 23

The principles established should be ________ __________ and ________ ________

Answer 23

thoroughly understood
appropriately applied

Question 24

Attribute Standards are numbered in:

Answer 24

1000s

Question 25

The Attribute Standards govern the _________, _________, and ________ of the _________ _________ __________ and the people who serve as __________ __________.

Answer 25

responsibilities attitudes actions organization's internal activity internal auditors

Question 26

Attribute Standards appear in _______ with ________ __________

Answer 26

boxes green highlighting

Question 27

Performance Standards are numbered in:

Answer 27

2000s

Question 28

Performance Standards govern the ______ of _______ ________ and provide ________ ________ for _________ the _________ _________ _________ __________

Answer 28

nature of internal auditing quality criteria evaluating internal audit function's performance

Question 29

Performance Standards appear in _______ with ________ __________

Answer 29

boxes green highlighting

Question 30

These are provided by The IIA to clarify terms and concepts referred to in Attribute and Performance Standards

Answer 30

Interpretation

Question 30

These are provided by The IIA to clarify terms and concepts referred to in Attribute and Performance Standards

Answer 30

Interpretation

Question 31

Interpretations appear in _______ with ________ __________

Answer 31

boxes blue highlighting

Question 32

How does the IMPLEMENTATION STANDARDS expand upon the individual Attribute or Performance Standards? (AC)

Answer 32

By Providing the requirements to assurance and consulting services

Question 33

Implementation Standards appear in _______ with ________ __________

Answer 33

boxes gray highlighting

Question 34

The Core Principles and the Definition of Internal Auditing are encompassed in the ___________ and __________

Answer 34

Code of Ethics and Standards

Question 35

Conformance with the Code and the Standards demonstrates:

Answer 35

conformance with all the mandatory elements of the IPPF

Question 36

The pronouncements that constitute RECOMMENDED GUIDANCE have been developed by the IIA through a

Answer 36

formal approval process

Question 37

They describe practices for effective implementation of the four mandatory elements

Answer 37

RECOMMENDED GUIDANCE

Question 38

Two recommended elements of the IPPF

Answer 38

Implementation Guidance Supplemental Guidance

Question 39

Purpose of internal audit activity as defined in the glossary:

Answer 39

Same with the Definition of Internal Auditing (1 paragraph, 2 sentences)

Question 40

Per the Standards, assurance services involve the internal auditor's ________ ________ of __________ to provide _________ regarding an ________, __________, __________, _________, ________ or __________.

Answer 40

objective assessment evidence OPINIONS entity, operation, function, process, system, other subject matters

Question 41

The NATURE and SCOPE of an assurance ENGAGEMENT are determined by whom:

Answer 41

Internal Auditor

Question 42

How many parties are involved in assurance services?

Answer 42

Three

Question 43

What are the 3 parties involved in assurance services

Answer 43

Process owner Internal Auditor User

Question 44

The IIA Glossary defines assurance services as an __________ __________ of _________ for the purpose of __________ an __________ ___________ on __________, ______ __________ and ________ _________ for the organization

Answer 44

objective examination evidence providing an independent assessment governance risk management control processes

Question 45

Assurance services include such engagements: (5)

Answer 45

Financial Performance Compliance System Security Due Diligence

Question 46

Per the Standards, CONSULTING SERVICES are ________ in nature and are generally performed at the _________ __________ of an _________ __________

Answer 46

advisory specific request engagement client

Question 47

The IIA Glossary defines consulting services as _________ intended to _____ _________ and _________ an organization's ___________, ________ _________, and ________ _________ without the _______ ________ assuming the __________ ____________.

Answer 47

activities add value improve governance, risk management, control processes internal auditor management responsibility

Question 48

The NATURE and SCOPE of consulting ENGAGEMENT are determined by whom:

Answer 48

agreement with the engagement client

Question 49

What are the two parties involved in a consulting engagement?

Answer 49

Internal Auditor Engagement Client

Question 50

Consulting services include such engagements: (4)

Answer 50

Counsel Advice Facilitation Training

Question 51

The support of management and the board is _______ when inevitable conflicts between the _______ _______ ________ and the _______ or _________ under _________.

Answer 51

Crucial internal audit activity department or function review

Question 52

The ________ should be empowered to ______ auditees to grant ______ to all ______, _______, and __________ _________ to the performance of every engagement.

Answer 52

internal audit activity require access records, personnel, and physical properties RELEVANT

Question 53

A formal______ for the internal audit activity that defines the internal audit activity’s ________, ________, and_________ must be adopted, and it should contain a grant of sufficient __________.

Answer 53

charter purpose, authority, responsibility authority

Question 54

Final approval of the charter resides with the _________.

Answer 54

board

Question 55

The internal audit activity’s responsibility is to provide the organization with _______ and ________ services that will add _____ and _______ the organization’s __________.

Answer 55

assurance consulting value improve operations

Question 56

Specifically, the internal audit activity must _______ and _________ the effectiveness of the organization’s ________, ____________, and ___________.

Answer 56

evaluate improve governance risk management control processes

Question 57

The primary purpose of a code of ethical conduct for a professional organization is to promote an ______ ____________ among professionals who serve others.

Answer 57

ethical culture

Question 58

Additional functions of a code of ethical conduct for a professional organization include

Answer 58

Communicating acceptable values to all members, Establishing objective standards against which individuals can measure their own performance, and Communicating the organization’s values to outsiders

Question 59

1st additional function of a code of ethical conduct for a professional organization _________ _________ ________ to all members

Answer 59

Communicating acceptable values

Question 60

2nd additional function of a code of ethical conduct for a professional organization _________ ________ __________ against which individuals can measure their own __________

Answer 60

Establishing objective standards performance

Question 61

3rd additional function of a code of ethical conduct for a professional organization ____________ the organization’s ______ to __________

Answer 61

Communicating values outsiders

Question 62

Aspects of Codes of Ethical Conduct