A Code of Ethics Within the Internal Auditing Profession Is

question 45

Multiple Choice

A code of ethics within the internal auditing profession is necessary in order to:

• A) Reduce the likelihood that members of the profession will be sued for substandard work.
• B) Ensure that all members of the profession perform at approximately the same level of competence.
• C) Provide guidance to internal auditors in their service to others.
• D) Require members of the profession to exhibit loyalty in all matters pertaining to the affairs of their organization.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from retracting a promise when the other party has reasonably relied on that promise to their detriment.

Consideration

Something of value that is promised, given, or received in a contract to make it legally binding.

Moral Consideration

Ethical values or principles that influence an individual’s decisions and actions, often guiding behavior in social and professional contexts.

Unliquidated Debt

Debt for which the exact amount owed has not been determined.