4)Conformance with confidentiality is demonstrated as follows:a)“The CAE may demonstrate support of internal audit confidentiality throughevidence of policies, processes, procedures, and training materialsimplemented to cover confidentiality as it applies to the internal audit activityand the organization.”b)“Regarding the release of engagement results, reports, or related information,the CAE demonstrates conformance with the confidentiality principle and rulesof conduct by documenting and retaining records of disclosures approved bylegal counsel, if applicable, and by senior management and the board.”c)“Internal auditors demonstrate conformance with engagement recordconfidentiality by documenting distribution restrictions in engagementworkpapers and reports and by retaining authorizations of all disclosures andapproved distribution lists.”d)“If there are no reports or investigations of individual auditors violating policies,procedures, and rules related to confidentiality, then it is likely that the internalaudit activity as a whole is in conformance with the principle.”EXAMPLE1-3Conformance with the Confidentiality Rule Show Which of the following violate(s) The IIA’s Code of Ethics? Get answer to your question and much more Copyright © 2019 Gleim Publications, Inc. All rights reserved. Duplication prohibited. Reward for information exposing violators. Contact[email protected]. Detailed cost-benefit analysis of the internal audit activity. The external assessment has a broad scope of coverage that includes (1) conformance with The IIA's mandatory guidance and the internal audit activity's charter, plans, policies, procedures, practices, and applicable legislative and regulatory requirements; (2) the expectations of the internal audit activity expressed by the board, senior management, and operational managers; (3) the integration of the internal audit activity into the governance process; (4) the tools and techniques employed by the internal audit activity; (5) the mix of knowledge, experience, and disciplines within the staff, including staff focus on process improvement; and (6) the determination whether the internal audit activity adds value and improves operations (PA 1312-1, para. 10). However, the costs and benefits of internal auditing are neither easily quantifiable nor the subject of an external assessment. What is competency requirements of internal auditors?Core Skills and Competencies for Internal Auditors
Communication skills, including oral communication, report writing, and presentation skills. Problem-solving skills (i.e., conceptual and analytical thinking) Ability to promote the value of internal audit among key employees within the organization.
Who has the primary responsibility for the proficiency of internal auditors?1) “Proficiency and due professional care are the responsibility of the chief audit executive (CAE) and each internal auditor. As such, the CAE ensures that persons assigned to each engagement collectively possess the necessary knowledge, skills, and other competencies to conduct the engagement appropriately” (para.
What is competency in auditing?Auditor competence is demonstrated by personal attributes, the ability to apply knowledge and skills, experience, continued development, and assessment. The assessment of auditors may include reviewing records, gathering feedback or observing audits.
What are the principles of the Code of Ethics for internal auditors?Internal auditors respect the value and ownership of information they receive and do not disclose information without appropriate authority unless there is a legal or professional obligation to do so. Internal auditors apply the knowledge, skills, and experience needed in the performance of internal audit services.
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Internal auditors’ conformance with the competency principle most likely is demonstrated by
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