Podcast
Questions and Answers
What is the primary accountability of the chief audit executive in relation to the internal audit function?
What is the primary accountability of the chief audit executive in relation to the internal audit function?
- Evaluating the performance of other internal auditors
- Securing funding for the internal audit department
- Implementing and conforming to all principles and standards (correct)
- Conducting the internal audits personally
Which of the following represents a mandatory practice for internal auditing according to the Standards?
Which of the following represents a mandatory practice for internal auditing according to the Standards?
- Best practices used by leading organizations
- Requirements that must be conformed to (correct)
- Processes that should be followed for conducting audits
- Common practices that may be utilized
Which domain of the Global Internal Audit Standards includes considerations for ethics and professionalism?
Which domain of the Global Internal Audit Standards includes considerations for ethics and professionalism?
- Domain III: Governing the Internal Audit Function
- Domain I: Purpose of Internal Auditing
- Domain IV: Managing the Internal Audit Function
- Domain II: Ethics and Professionalism (correct)
In the Standards, how is the term 'must' used in relation to the Requirements?
In the Standards, how is the term 'must' used in relation to the Requirements?
What is a key component of the Standards that assists internal audit functions in preparing for quality assessments?
What is a key component of the Standards that assists internal audit functions in preparing for quality assessments?
Which of the following describes the purpose of the 'Considerations for Implementation' sections in the Standards?
Which of the following describes the purpose of the 'Considerations for Implementation' sections in the Standards?
What is indicated by the phrase 'should' in the Standards?
What is indicated by the phrase 'should' in the Standards?
Which aspect of the Internal Audit Standards focuses on stakeholder relationship management?
Which aspect of the Internal Audit Standards focuses on stakeholder relationship management?
What is a critical condition for internal auditing to be effective?
What is a critical condition for internal auditing to be effective?
Which principle emphasizes the importance of integrity for internal auditors?
Which principle emphasizes the importance of integrity for internal auditors?
What responsibility does the chief audit executive have regarding internal auditors' ethical standards?
What responsibility does the chief audit executive have regarding internal auditors' ethical standards?
Which of the following factors does NOT contribute to building an ethical culture within the internal audit function?
Which of the following factors does NOT contribute to building an ethical culture within the internal audit function?
What is the primary focus of the Global Internal Audit Standards?
What is the primary focus of the Global Internal Audit Standards?
How should internal auditors handle codes of ethics from multiple sources?
How should internal auditors handle codes of ethics from multiple sources?
Which of the following is NOT a role of the internal audit function?
Which of the following is NOT a role of the internal audit function?
What role does training play in the internal audit function's adherence to ethical standards?
What role does training play in the internal audit function's adherence to ethical standards?
What is the primary focus of Principle 10 in managing internal audit resources?
What is the primary focus of Principle 10 in managing internal audit resources?
Which standard focuses specifically on internal quality assessment?
Which standard focuses specifically on internal quality assessment?
What is a core component of Standard 11.2 in effective communication?
What is a core component of Standard 11.2 in effective communication?
Which of the following best describes the role of Standard 14.2 in auditing?
Which of the following best describes the role of Standard 14.2 in auditing?
Under which principle is the methodology for internal audit strategy outlined?
Under which principle is the methodology for internal audit strategy outlined?
What does Standard 15.2 focus on in the context of engagement results?
What does Standard 15.2 focus on in the context of engagement results?
Which aspect is NOT included in Standard 10.3 concerning technological resources?
Which aspect is NOT included in Standard 10.3 concerning technological resources?
What is the aim of Standard 9.5 regarding coordination and reliance?
What is the aim of Standard 9.5 regarding coordination and reliance?
Which principle is focused on evaluating and improving engagement performance?
Which principle is focused on evaluating and improving engagement performance?
What does Standard 11.5 address in relation to risk acceptance?
What does Standard 11.5 address in relation to risk acceptance?
Which element is crucial in Standard 13.3 when planning engagements?
Which element is crucial in Standard 13.3 when planning engagements?
What is the main purpose of Principle 14 in conducting engagement work?
What is the main purpose of Principle 14 in conducting engagement work?
Which standard focuses on building relationships with stakeholders?
Which standard focuses on building relationships with stakeholders?
Which aspect is LEAST addressed in Standard 14.6 regarding engagement documentation?
Which aspect is LEAST addressed in Standard 14.6 regarding engagement documentation?
What key factor is involved in implementing technology according to Standard 10.3?
What key factor is involved in implementing technology according to Standard 10.3?
Flashcards
GIAS Purpose
GIAS Purpose
Set in the public interest to ensure competent internal audit professionals.
GIAS Goals
GIAS Goals
Instill trust, promote ethical culture, and establish reliance on internal auditors' work.
Ethics and Professionalism Domain
Ethics and Professionalism Domain
Outlines behavioural expectations for internal auditors.
Ethics Domain Focus
Ethics Domain Focus
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GIAS Priority
GIAS Priority
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Chief Audit Executive Responsibility (Ethics)
Chief Audit Executive Responsibility (Ethics)
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Principle 1: Demonstrate Integrity
Principle 1: Demonstrate Integrity
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Principle 9 Focus
Principle 9 Focus
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Principle 9 Actions
Principle 9 Actions
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Principle 10 Resources
Principle 10 Resources
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Principle 11 Goal
Principle 11 Goal
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Principle 11 Elements
Principle 11 Elements
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Principle 12 Actions
Principle 12 Actions
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Principle 13 Key Actions
Principle 13 Key Actions
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Principle 14 Elements
Principle 14 Elements
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Principle 14 Recommendations
Principle 14 Recommendations
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Principle 15 Actions
Principle 15 Actions
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Principle 15 Communicate results
Principle 15 Communicate results
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Variable Implementation
Variable Implementation
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Requirements of GIAS
Requirements of GIAS
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GIAS areas to audit.
GIAS areas to audit.
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Glossary for GIAS
Glossary for GIAS
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GIAS Understanding
GIAS Understanding
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Contextual GIAS
Contextual GIAS
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Ethical considerations.
Ethical considerations.
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Managed Resources.
Managed Resources.
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Well constructed plan
Well constructed plan
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Action Plan
Action Plan
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Risk Assessments
Risk Assessments
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Consistent Monitoring
Consistent Monitoring
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Study Notes
Global Internal Audit Standards
- The Global Internal Audit Standards (GIAS) are set in the public interest to ensure competent internal audit professionals.
- The standards aim to instill trust in the internal audit profession, promote ethical culture, and establish reliance on the work and judgement of internal auditors.
Ethics and Professionalism Domain
- The Ethics and Professionalism domain replaces The IIA’s former Code of Ethics, outlining behavioural expectations for internal auditors.
- The domain focuses on internal auditors, chief audit executives and entities providing internal audit services.
- Internal auditors must abide by the standards, even when other codes of conduct apply.
- The chief audit executives are responsible for promoting conformance to the standards by providing training and guidance.
Key Principles
- Principle 1: Demonstrate Integrity: Internal auditors demonstrate integrity in their work and behaviour.
Managing the Internal Audit Function
- Principle 9: Plan Strategically:
- This principle emphasizes understanding governance, risk management, and control processes.
- It mandates the creation of an internal audit strategy, outlining methodologies, an internal audit plan, and considerations for coordination and reliance.
- Principle 10: Manage Resources:
- Effective resource management is crucial, encompassing financial, human and technological resources.
- Principle 11: Communicate Effectively:
- Internal auditors must build strong relationships with stakeholders and communicate effectively.
- This includes providing clear communication of results, acknowledging errors and omissions, and transparent communication about risk acceptance.
- Principle 12: Enhance Quality:
- This principle focuses on internal quality assessment, performance measurement, and engagement performance oversight and improvement.
Performing Internal Audit Services
- Principle 13: Plan Engagements Effectively:
- This principle emphasizes engagement communication, risk assessment, defining engagement objectives and scope, identifying evaluation criteria, allocating resources, and creating a detailed work program.
- Principle 14: Conduct Engagement Work:
- This encompasses gathering information for analysis and evaluation, identifying potential findings, evaluating findings, creating recommendations and action plans, drawing engagement conclusions, and documenting engagement activity.
- Principle 15: Communicate Engagement Results and Monitor Action Plans:
- Communicate the final engagement results and monitor the implementation of recommendations or action plans formulated.
Applying the Global Internal Audit Standards
- While specific implementation details may vary based on organizational context, every internal audit function and individual internal auditor, including the chief audit executive, are expected to conform to the GIAS.
- The standards are divided into five domains: Purpose of Internal Auditing, Ethics and Professionalism, Governing the Internal Audit Function, Managing the Internal Audit Function, and Performing Internal Audit Services.
- The requirements, considerations for implementation, and examples of evidence of conformance are critical elements in understanding the GIAS.
- The GIAS uses specific terminology defined in an accompanying glossary, which must be understood and adopted for accurate implementation.
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Description
This quiz covers the Global Internal Audit Standards (GIAS) and their importance in promoting ethical culture and trust in the internal audit profession. It also explores the Ethics and Professionalism domain, outlining the responsibilities of internal auditors and chief audit executives. Test your knowledge on the key principles that govern internal auditing.
