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Internal Auditing: Overview and Importance

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Internal Auditing: Overview and Importance

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Questions and Answers

What is the main purpose of internal auditing?

To provide an independent assessment of an organization's operations (correct)
To establish a direct relationship with the business
To generate revenue for the organization
To conduct financial, business, and personal assessments

What is the role of internal auditors in relation to the organization?

They focus on generating profits for the organization
They are separate from the business and have no bias (correct)
They work closely with the board to set objectives
They are directly involved in the day-to-day operations of the company

What is the purpose of governance in the context of internal auditing?

To generate revenue for the organization
To authorize, direct, and oversee management towards its objectives (correct)
To conduct financial assessments of the company
To focus on mitigating risks to acceptable levels

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 (B) Signup and view all the answers

What is the main difference between consulting and advisory?

Consulting is consistently there to give advice, while advisory is on an as-needed basis (A) Signup and view all the answers

What is the main objective of an organization according to the text?

Strategic planning (D) Signup and view all the answers

Which phase of an audit involves creating a plan prior to the start of the audit and understanding potential risks?

Planning (D) Signup and view all the answers

What are the characteristics of internal auditors according to the text?

Competence, credibility, connectivity, communication, courage (A) Signup and view all the answers

What does the International Professional Practices Framework (IPPF) provide guidance on?

Professional practices of internal auditing (D) Signup and view all the answers

What are the three parties associated with assurance according to the text?

User, internal auditor, auditee (B) Signup and view all the answers