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

In an internal audit charter, the statement most directly related to describing the responsibilities of the internal audit activity is that the Chief Audit Executive (CAE) shall report periodically on the performance of the internal audit activity relative to its plan. This statement explicitly outlines a fundamental responsibility of the CAE and the audit activity, focusing on accountability and performance measurement against the planned objectives.References: IIA standards related to the roles and responsibilities included in the internal audit charter, which typically define the reporting obligations of the CAE as a reflection of the internal audit activity’s duties and performance.

The internal audit charter is a formal document that defines the internal audit activity's purpose, authority, and responsibility. According to IIA standards, the internal audit charter must define the reporting relationships within the organization, which facilitates the independence and objectivity of the internal audit function. The inclusion of reporting relationships ensures that there is clear communication and understanding regarding the internal audit activity’s position within the organization.References:

IIA Standard 1000: "Purpose, Authority, and Responsibility"

To ensure that due professional care is applied, the chief audit executive should establish policies and procedures concerning the engagement process. This action sets a clear framework and standards for conducting audits, which guides auditors in meeting the necessary quality and ethical requirements. Establishing these policies is fundamental to ensuring that all engagements are performed with diligence and in accordance with professional standards.References: IIA Standard 1300 - Quality Assurance and Improvement Program

The internal audit activity's appropriate role with regard to organizational governance assurance includes assessing compliance with the organization's code of conduct. This involves evaluating whether the organization's actions align with its stated ethical standards and conduct guidelines. This role is fundamental to assurance services, ensuring that governance processes reflect and enforce the organization's values and ethical standards as outlined in its code of conduct.References: IIA Standard 2110 - Governance