Guess the Gibberish
Owe tow Rey Tea
Authority
_________ as an objective examination of evidence for the purpose of providing an independent assessment on governance, risk management, and control processes for the organization.
Assurance services
HAECRRT
Charter
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YOUR GROUP EARNED 100 POINTS!
What is the nature & scope of consulting services?
Nature & Scope: subject to agreement with the client
Coal An Sole Thing
Consulting
________________ is an event in which assessing and managing an event that may have an impact on achieving the objectives.
Risk Management
UEANSRASC
Gimme the 2 party relationship in Consulting Activity
1. Internal Auditor
2. Engagement Client
No need to think.
YOUR GROUP EARNED 200 POINTS INSTANTLY!
Mow Neigh Edge Mean Int
Management
__________________ establishes the internal audit activity’s position within the organizational structure, including the nature of the CAE’s functional relationship with the board.
Internal Audit Charter
NTMTOIPIEALNME
IMPLEMENTATION
Gimme the 3 party relationship in Assurance Services
1. Process Owner
2. Internal Auditor
3. User
What is Internal Auditing?
Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve the organization's operation. It helps an organization accomplish it's goal by bringing a systematic discipline approach to evaluate and improve the effectiveness of risk management control and governance processes.
Goal Urn Vein Gnaw Ants
Governance
The _____________ should discuss the Mission of Internal Audit and the mandatory elements of the International Professional Practices Framework with senior management and the board.
Chief Audit Executive
PNOYLISEBRTSII
RESPONSIBILITY
Gimme 4 Organizational Objectives
1. Strategic
2. Operational
3. Reporting
4. Compliance
What is Interpretations?
Interpretations are provided by the IIA to clarify terms and concepts referred to in Attribute or Performance Standards
Eye Ace Pea Fee Aisle Eight
ISPPIA (International Standards for the Professional Practice of Internal Auditing)
The _____________ should have the authority to demand access grants to all the necessary resources, including records, personnel, and physical properties for conducting audit engagements.
Internal Audit Activity
TYSEAIMCTS
SYSTEMATIC
Gimme the the 4 vital standards to the practice of internal auditing
1. Attribute Standards
2. Performance Standards
3. Interpretations
4. Implementation Standards
What is Performance Standards?
Performance standards is numbered 2000s, govern the nature of internal auditing and provide quality criteria