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33 Cards in this Set

  • Front
  • Back
Which Standard applies to the IA Charter?
1000 - Purpose, Authority, and Responsibility

With what should the IA Charter be consistent?
consistent with Definition of IA, Code of Ethics, and Standards

Who should regularly review the IA charter?
regular review of the IA Charter by the CAE

Who should accept the IA charter
acceptance of the IA charter by senior management

With whom does the final approval of the IA charter reside?
final approval by the board

What does the IA charter establish?
establishes the IA activity's position within the organization

What kind of reporting relationship with the board should the IA charter define?
functional reporting relationship with the board

To what should the IA charter grant the IA access?
should grant access to records, property, and personnel

What about the IA activities does the IA charter define?
defines the scope of IA activities

Which Standard applies to the risk-based IA plan?
2010 - Planning

How is the risk-based IA plan called as well?
long-range plan

According to 1110 - Organizational Independence, who should approve the risk-based IA plan?
the board

Who is responsible for developing the annual risk-based IA plan?
CAE

What is the purpose of the risk-based IA plan?
to determine the priorities of the IA activity, consistent with organizational goals

What should the CAE take into account when developing the annual risk-based IA plan?(2)
"- risk management framework
- riks appetites set by management for the different activities of the organization
"
What should the CAE do if the organization does not have a risk management framework?
the CAE uses his own judgement of risks

In making his own judgement of risks, what must the CAE consider?
consider the input from senior management and the board

What is usually the foundation of the annual risk-based IA plan?
the audit universe

Of which plan may the audit universe include components?
components of the organization's strategic plan

How often should the audit universe be updated at least?
at least annually


What are the other 3 parts of the annual audit plan?

"- Audit work schedule
- staffing plan
- financial budget

"
What does the audit work schedule include?(5)
"- assessment of risk factors
- activities to be audited
- time when activities will be audited
- estimated audit time required (workload requirements)
- identification of auditable locations
"
The coverage of what does the audit work schedule ensure?
the adequate audit coverage over time

How is the audit work schedule called as well?
long-range schedule

Which two other IA plans do audit work schedules determine?
"- staffing plan
- financial budget
"
Which Standard applies to the audit work schedule, staffing plan, financial budget?
PA 2020 - Communication and Approval

PA 2020 - Communication and Approval: To whom and how often must the CAE submit a summary of the IA audit plan, work schedule, staffing plan, and financial budget for approvel?
annually to the board and senior management

In which plan are the risk-based plan, the work schedule, staffing plan, and financial budget included?
IA operating plan

What should the operating plan additionally include?
measurability criteria for engagement and targeted dates of engagement completion

Based on the analysis of what should auditable units be assigned to IA managers in the work schedule and IA department resource plan?
based on risk and skill analysis

If the annual audit plan does not cover all material regulations affecting the company, whom should the IA inform about this limitation?
senior management and the board

What is easer to measure: performance and results or morale?
performance and results

Can personal feelings such as morale be measured objectively?
yes, as objective tests are available