Online IIA-CIA-Part1 Questions Video

According to IIA standards, particularly Standard 1100 on Independence and Objectivity, using management's risk assessment to build the internal audit's risk profile can potentially undermine the independence of the internal audit activity. This dependence on management's view could bias the audit planning and scope, hence not entirely independent in evaluating management's assertions or risks identified by management alone.

IIA Standard 1100 - Independence and Objectivity.

Upon completion of an external quality assessment, the chief audit executive is required to report the detailed evaluation results of the external assessment to the board. This disclosure is crucial as it provides the board with insights into the effectiveness and efficiency of the internal audit function, highlighting areas of strength and opportunities for improvement. It facilitates informed decision-making regarding the internal audit activity's practices and processes.

IIA Standard 1320 - Reporting on the Quality Assurance and Improvement Program

The best choice for a continuing professional development requirement for a newly created internal audit activity is to require all internal auditors to create a training plan based on a competency self-assessment. This approach ensures that training is aligned with the specific needs and gaps in skills identified by the auditors themselves, thereby promoting effectiveness and professional growth within the audit function.

IIA guidelines on continuing professional development and competency assessment.

According to IIA guidance, an internal audit charter would likely include a statement that internal auditors will demonstrate competence, concern, and the dedication expected of a professional. This aligns with the IIA's Code of Ethics and Standards, which emphasize the professional demeanor and commitment required from internal auditors.

The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing and Code of Ethics.