According to the IIA...
When do the new Global Internal Audit Standards become effective?
A. January 2024
B. July 2024
C. January 2025
D. December 2025
C. January 2025
What is the primary purpose of the Group Audit Manual?
A. To define QBE’s financial reporting standards
B.To manage external audit relationships
C. To outline GIA’s audit methodology and mandatory processes
D. To set insurance pricing guidelines
C. To outline GIA’s audit methodology and mandatory processes
Who had a work anniversary on April 22nd?
A. Rachel
B. Eric
C. Sharon
D. Julia
B. Eric
What new timesheet category was introduced in TM+ to better capture audit-related activities?
A. General Admin
B. Training
C. Stakeholder Engagement
D. Lessons Learned
B. Training
Which audit report included a review of the Risk Culture using exception-based assurance?
A. Claims TPAO
B. Data Management
C. Accident & Health Captives
D. All of the above
D. All of the above
What is the name of the IIA’s initiative that led to the new standards?
A. Audit Forward
B. IPPF Evolution
C. Risk Culture Refresh
D. Governance 360
B. IPPF Evolution
What is the minimum requirement for documenting audit procedures?
A. Enough detail for internal review
B. Enough detail for re-performance by a qualified third party
C. A summary of findings
D. A checklist of controls
B. Enough detail for re-performance by a qualified third party
What side business did Bill's son set up?
A) Lemonade Stand
B) Paper route
C) PowerWashing
D) Internal Auditor
C) PowerWashing
What training was scheduled for July 15, 2025?
A. Navigating Difficult Conversations with Stakeholders
B. TM+ Optimization
C. AI Audit Certification
D. Risk Culture Deep Dive
A. Navigating Difficult Conversations with Stakeholders
Which report emphasized the need for centralized documentation protocols?
A) Claims TPAO
B) Data Management
C) Accident & Health Captives
D) Whistleblower
A) Claims TPAO
Which of the following is not one of the four principles in the IIA Code of Ethics?
A. Integrity
B. Objectivity
C. Confidentiality
D. Accountability
D. Accountability
What is the required action when an error in an audit report affects the overall opinion?
A. Send a clarification email
B. Escalate to the CFO
C. Reissue an amended report with documented changes
D. Archive the original report
C. Reissue an amended report with documented changes
Which team member has an appetite for spices in their cocktails?
A) Eric
B) Andre
C) Julia
D) Rachel
D) Rachel
What is the name of the AI-powered dashboard platform used for Underwriting and Claims?
A. Insight360
B. Copilot
C. Q-GPT
D. PowerBI
D) PowerBI
Which audit highlighted the lack of clarity in purpose and collaborative culture as a barrier to progress?
A. Underwriting Operations
B. Data Management and Governance
C. Business Continuity Management
D. Actuarial Pricing
B. Data Management and Governance
What is a key change in the reporting requirements under the new standards?
A. Elimination of audit opinions
B. Mandatory use of dashboards
C. Reporting by exception for risk culture
D. Quarterly reporting to regulators
C. Reporting by exception for risk culture
Which of the following statements about the audit cycle is false (AA=Audit Areas)?
A. Critical-rated AAs must be audited every two years.
B. Low-rated AAs are not required to be audited.
C. Medium-rated AAs must be audited within five years.
D. High-rated AAs require 80% coverage within two years.
A. Critical-rated AAs must be audited every two years.
Critical-rated AAs must be audited every year, not every two years
Kerrie has a celebrity as a screensaver. What country is the celebrity from?:
A) UK
B) Zimbabwe
C) South Korea
D) Hong Kong
C) South Korea
Which system replaced Bloomberg AIM in the Group Investments function?
A. SAP Hana
B. Blackrock Aladdin
C. Oracle Fusion
D. Microsoft Dynamics
B. Blackrock Aladdin
Which audit report identified informal monitoring practices as a low-rated issue following the departure of a key team member?
A. NA-2025-009 Claims TPAO Audit Report (Satisfactory)
B. GH-2025-004 Global Investigations & Whistleblower Audit Report
C. NA-2025-001 Accident & Health Captives Audit Report
D. IT-2024-009 North America Guidewire Application Ecosystem Audit
A. NA-2025-009 Claims TPAO Audit Report (Satisfactory)
Which of the following is a key structural change introduced in the 2024 IIA Standards update?
A. Replacement of principles with control objectives
B. Consolidation of assurance and advisory services into one domain
C. Elimination of the Code of Ethics
D. Introduction of five domains with embedded principles and standards
D. Introduction of five domains with embedded principles and standards
Which of the following updates was introduced in the new July 2025 version of the Group Audit Manual to address auditor independence?
A. Escalation protocols for draft audit reports
B. Clarification of low-risk issue validation proceduresInclusion of approach for managing impairments to objectivity
C. Expansion of the Audit Universe
D. Inclusion of approach for managing impairments to objectivity
D. Inclusion of approach for managing impairments to objectivity
In total how many years of experience does Cris have in internal audit?
A) 10+
B) 2+
C) 7+
D) 4+
A) 10+
How many speakers have we had so far during the onsite through day 2?
A) 7
B) 4
C) 3
D) 8
D) 8
Programs (2)
Jim
Sherman
PwC (4)
In the NA-2025-001 Accident & Health Captives Audit Report (Needs Improvement), what was the primary governance gap identified in the oversight of QBE’s MSL captive solution?
A. Lack of actuarial validation
B. Absence of independent board review
C. No governance framework for the captive manager
D. Inadequate claims reserving methodology
C. No governance framework for the captive manager