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Introduction to Founding a Strong Internal Audit Dept.

4 QuestionsLesson Questions and Answers

Member's Profile

Good evenig Lynn
one simply question: can I use some slide of this course to show them internally in my Company ? (I want to present few slide relevant to the Risk Based Auditing).
Obviously I'll show clearly the provenience
Thanks and regards
Marco

Member's Profile

Marco - I apologize for the delayed response. The email hig my spam box and I just saw it. Yes, you have my permission. Thank you for asking and if you have any questions let me know

Member's Profile

Hello Ms. Fountain,

I am enrolled in your Internal Control Certification series. I just took the quiz for lesson 9, and I do understand why the last question was marked incorrect.

Here is the question:
The IIA standards include a description of the responsibilities of the Chief Audit Executive to include all of the following except....

I answered "The CAE will report observations on fraud risks, governance issued, and other matters needed or requested by the Board"

This was marked as incorrect with this feedback:
"Incorrect. Reporting observations on fraud risks, governance issues and any other matters requested by the Board in considered part of the CAE's role."
Isn't that the question, and if so, the feedback does not support a marking of "incorrect".

Instead, the correct answer is "The CAE will review and approve the CFO's pay structure" I do not believe I have read this anywhere.

Could you please clarify?

Thank you!
Marci Earnest

Member's Profile

Hello Marci

This question is a little tricky because of the double negative in the question. Notice the question states, "includes all of the following EXCEPT". The answer of reporting observations on fraud risks, governance issues another matters IS REQUIRED. So this would not be the right answer. The EXCEPT would be "The CAE will review and approve the CFOs pay structure". This is NOT something the CAE would do and that is what the question is looking for.

Course Syllabus
INTRODUCTION AND OVERVIEW
Foundations for a Strong Internal Audit Department
  8:10Internal Audit Definition Challenges
  16:24Independence Challenges
  7:12Charter Challenges
  10:24Authority Challenges
  9:57Actions
  8:26Reporting Challenges
  4:33Intro to Risk Based Auditing
  3:17RBA: Steps and Understanding
  7:49Identifying, Responding and Concluding on Risk
  8:59Independence of Audit plan
  10:35When Management says NO
CONCLUSION
  3:22Course Summary
CONTINUOUS PLAY
  1:49:13Foundations for a Strong Internal Audit Department
SUPPORTING MATERIALS
  PDFSlides: Foundations for a Strong Internal Audit Department
  PDFFoundations for a Strong IA Dept. Glossary/Index
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM