Chapter 1: Essential of Internal Auditing

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  • #238851

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    This forum is restricted to members of the associated course(s).

    Sharon
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    I missed this question.  How is the scope of internal auditing as it has developed by evaluating “all” risk management, control, and governance system?  Mainly, the internal audit department may not know “all” of the related risk management, control, and governance processes.
     
    8. Question ID: CIA 1193 I.1 (Topic: A. Purpose, Authority, and Responsibility)Internal auditing is a dynamic profession. Which of the following best describes the scope of internal auditing as it has developed to date?

    • A. Internal auditing involves evaluating compliance with laws, regulations, and contracts.wrong
    • B. Internal auditing involves evaluating the effectiveness and efficiency with which resources are employed.
    • C. Internal auditing has evolved to verifying the existence of assets and reviewing the means of safeguarding assets.
    • D. Internal auditing has evolved to evaluating all risk management, control, and governance systems.correct

    Your Incorrect Answer Explanation for A:

    Internal auditing involves much more than just evaluating compliance with laws, regulations, and contracts.

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  • #238868

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    Brian Hock
    HOCK international

    Sharon,

    This question is fine as it is. Within that company, the internal auditor should know about all of the risk management, control and governance processes. The company will not have every possible process in place, but the ones that the company does have, the internal auditor should know about. They may not assess and evaluate every one every year, but based on risk and prioritization they will address all of the risk management, control and governance processes within the company.

    Brian

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