The General Standards for the Professional Practice of Internal Auditing

question 24

Multiple Choice

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should maintain their technical competence through continuing education.
_____

• A)Independence,
• B)Professional Proficiency,
• C)Scope of Work,
• D)Performance of Audit Work, and
• E)Management of the Internal Auditing Department.

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Definitions:

Insurable Interest

A requirement in insurance policies that the policyholder must stand to suffer a financial or emotional loss if the insured event occurs.

Lease

A contract by which one party conveys land, property, services, or the use of assets to another party for a specified time, in return for a periodic payment.

Personal Property

Tangible and intangible assets owned by an individual or business that are not permanently attached to or part of real estate.

Tangible

Objects or assets that have a physical form and can be touched, as opposed to intangible assets like intellectual property.