The General Standards for the Professional Practice of Internal Auditing

question 73

Multiple Choice

The general standards for the professional practice of internal auditing include the following:
-Internal auditors should possess the knowledge, skills, and disciplines essential to the performance of internal audits.
_____

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

Comprehend the periodicity and independence requirement of internal reviews for reinforcing internal controls.

Acknowledge the limitations and the cost-benefit principle underlying internal controls.

Distinguish between the roles and responsibilities within an internal control system to prevent and detect fraud.

Identify the role and importance of segregation of duties in internal control systems.