10 Questions
What is the main purpose of internal auditing?
To provide an independent assessment of an organization's operations
What is the role of internal auditors in relation to the organization?
They are separate from the business and have no bias
What is the purpose of governance in the context of internal auditing?
To authorize, direct, and oversee management towards its objectives
What is the primary goal of risk management in internal auditing?
To understand and deal with uncertainties that can affect the ability to achieve objectives
What is the main difference between consulting and advisory?
Consulting is consistently there to give advice, while advisory is on an as-needed basis
What is the main objective of an organization according to the text?
Strategic planning
Which phase of an audit involves creating a plan prior to the start of the audit and understanding potential risks?
Planning
What are the characteristics of internal auditors according to the text?
Competence, credibility, connectivity, communication, courage
What does the International Professional Practices Framework (IPPF) provide guidance on?
Professional practices of internal auditing
What are the three parties associated with assurance according to the text?
User, internal auditor, auditee
Learn about the independent and objective practice of internal auditing, and how it adds value to an organization by evaluating and improving risk management, control, and governance processes.
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