5 Questions
What does the IAS do annually in terms of its competency model?
Reviews and updates it
Why is maintaining a competency profile of the IAS/IAU personnel important?
To address and monitor competency gaps
How often does the IAS review and update its training and development plan?
Semi-annually
What is the primary basis for the budget of the IAS?
Strategic and annual audit plan
Why should the IAS/IAU consider the cost of completing its planned audit engagements when preparing the budget?
To ensure the budget is sufficient to implement the role expected
Study Notes
IAS Competency Model and Training
- The IAS annually reviews and updates its competency model.
Importance of Competency Profile
- Maintaining a competency profile of IAS/IAU personnel is crucial to ensure they possess the required skills and knowledge to perform their audit responsibilities effectively.
IAS Training and Development Plan
- The IAS reviews and updates its training and development plan regularly, with no specific frequency mentioned.
IAS Budget Basis
- The primary basis for the IAS budget is the cost of completing its planned audit engagements.
Budget Considerations
- The IAS/IAU should consider the cost of completing its planned audit engagements when preparing the budget to ensure effective allocation of resources and successful audit execution.
Test your knowledge of competency models and profiles for internal auditors with this quiz. Explore the essential knowledge, skills, and competencies required for internal auditors to effectively carry out their roles and responsibilities within an organization.
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