The primary reason that a bank would maintain a separate compliance function is to:
Which of the following processes or tools can be used as ongoing internal assessments of the performance of the internal audit activity?
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Analyses of audit plan completion and cost recoveries.
Selective peer reviews of work papers by staff involved in the respective audits.
Self-assessment of the internal audit activity with on-site validation by a qualified
independent reviewer.
Feedback from audit customers and stakeholders.
Suspecting fraud, the chief financial officer (CFO) asked the internal audit activity to investigate a significant increase in travel related expenditures. Work was performed by a qualified internal auditor.
Following the completion of the engagement, the chief audit executive (CAE) reported to the CFO that no violations were found and no fraud had occurred.
According to the Standards, which of the following principles did the CAE violate?
Which of the following is the responsibility of an internal auditor?
Assist operating management in implementing audit recommendations.
Provide management with value-added analysis to improve operations.
Become an advocate for changes to the internal audit activity charter.
Disclose non-financial risks that may be identified during the course of an engagement.
Which of the following scenarios exemplifies a potential internal control weakness?
