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Introduction to Foundations of A Strong Internal Audit Function

Lesson Questions and Answers4 Questions
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Marco Tomesani
(Director RAAS Maritime at Carnival Corporation & PLC) | Jul 4, 2017

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

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Lynn Fountain
View Instructor Profile | Jul 8, 2017

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

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Marci Earnest
(Accounting Manager at Transtron America, Inc.) | Mar 26, 2019

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

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Lynn Fountain
View Instructor Profile | Mar 26, 2019

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.

Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Institute of Internal Auditors Update 20243:22
  7:46PREVIEW: Introduction to Foundations of A Strong Internal Audit Function
Foundations for a Strong Internal Audit Department
  Foundations of IA4:37
  Internal Audit Charter and Independence21:25
  Internal Audit Charter and Independence Cont'd20:28
  IA Charter Authority22:06
  IA Charter Authority Cont'd17:04
  Independence of Audit plan13:00
  Risk Based Internal Auditing13:45
  Identifying, Responding and Concluding on Risk6:12
  Agile Auditing4:35
  When Management says NO5:38
CONCLUSION
  Course Summary 2:02
CONTINUOUS PLAY
  Foundations for a Strong Internal Audit Department2:18:38
SUPPORTING MATERIALS
  Slides: Foundations for a Strong Internal Audit DepartmentPDF
  Foundations for a Strong Internal Audit Department Glossary/IndexPDF
REVIEW & TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam