The Internal Audit Charter
Functional
What is the nature of the CAE's reporting line to the Audit Committee?
Communicating and interacting directly with the board.
What is Standard 1111?
Implementation Guides
What provides the details of the Standards?
Attendance at planning and scoping discussions
What is an example of management's direct oversight of an audit engagement?
Free from interference
What is independence?
Achieved by dual-reporting relationship to the Audit Committee and CEO
What is organizational independence?
Formalized protocol for review and approval
What is contained in Appendix VI?
What is the KPI for Fieldwork End to Fieldwork Exit Meeting?
Monitoring the Company's Ethics Hotline
What is one of IA's responsibility?
An unbiased mental attitude
What allows internal auditors to perform engagements in such a way that they believe in their work product and do not compromise quality?
Conceptual framework that organizes authoritative guidance
What is the International Professional Practices Framework?
All aspects of the internal audit activity
What must be covered by a QAIP?
Consists of a budget and resource requirements
What is the Internal Audit plan?
At least one year
How long will it be until Nick can audit Natural Cash Application processes?
Articulates IA's effectiveness in achieving its mission.
What are Core Principles?
Results of the QAIP
What must the CAE communicate to senior management and the board?
Follow-up on engagement findings
What is Monitoring?
Something Internal Auditors must not assume
What are Operating Responsibilities?
A description of behavior norms expected of internal auditors
What are the Rules of Conduct?
Infallibility
What does due professional care NOT imply?