IIA Updated IIA-CIA-Part1 Exam Questions and Answers by cyrus

According to IIA guidance, the internal audit activity may serve as an advisor on CSR governance and risk management, review third parties for compliance with CSR contractual terms, and identify and mitigate risks to help meet CSR program objectives. These roles enable the internal audit to contribute effectively to the organization's CSR initiatives by ensuring governance standards are met, contractual obligations are upheld, and risks are managed proactively.

Institute of Internal Auditors (IIA) - Practice Advisories on Corporate Social Responsibility

In cases where a junior auditor suspects fraud involving an engagement supervisor's associate and the supervisor dismisses these concerns, the most appropriate and ethical action is to escalate the issue to a higher authority within the audit function, such as the chief audit executive (CAE). This ensures that the concern is objectively evaluated and that the auditor adheres to professional standards of independence and objectivity.

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

The key difference between assurance services and consulting services is that other employees in the organization can provide consulting services, but only an internal audit activity can provide assurance services. This distinction is important because assurance services require a level of independence and adherence to specific standards that are unique to the internal audit profession. References: IIA definitions and standards for assurance and consulting services, which delineate the roles and limitations of these services within internal audit practices.

The role of internal auditors in assessing how an organization promotes ethics and values internally and with external business partners involves reviewing the organization's objectives, programs, and activities related to these areas. This approach aligns with the standard practice of internal auditing, which aims to ensure that an organization's processes and policies support its ethical standards and values.

Institute of Internal Auditors (IIA) Standards and Guidelines.