Terminology and Concepts in Internal Auditing, Quizzes of Accounting

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Internal Auditing

an independent, objective assurance and consulting activity designed to add and improve an organizations operations TERM 2

Add Value

DEFINITION 2 value is prodded by improving opportunities to achieve organizational objectives, identifying operational improvement, and/or reducing risk exposure through both assurance and consulting services TERM 3

objectives

DEFINITION 3 what an organization wants to achieve TERM 4

Independence

DEFINITION 4 the freedom from conditions that threaten objectivity or the appearance of objectivity. Such threats to objectivity must ne managed at the individual auditor, engagement, functional, and organizational levels TERM 5

Objectivity

DEFINITION 5 An unbiased mental attitude that allows internal auditors to perform engagements in such a manner that they have an honest belief in their work product and that no significant quality compromises are made, Objectivity requires internal auditors not to subordinate their judgment on audit matters to that of others.

Engagement

A specific internal audit assignment or project that includes multiple tasks or activities designed to accomplish a specific set of abjectives TERM 7

COSO

DEFINITION 7 The Committee of Sponsoring Organizations of the Treadway Commission TERM 8

Compliance

DEFINITION 8 Conformity and adherence to applicable laws and regulations as well as polices, plans, procurers, contracts, or other requirements TERM 9

The IIA Motto

DEFINITION 9 Progress Thourgh Sharing TERM 10

IPPF

DEFINITION 10 International Professional Practice Framework, which consists of both mandatory and strangely recommended guidance.

Certified Internal Auditor (CIA)

The premier certification sponsored by the IIA; the only globally accepted certification for internal auditers TERM 12

IIA Research

Foundation

DEFINITION 12 Established in 1976, its mission is "to shape,advance, and expand knowledge of internal auditing by providing relevant research and educational products to the profession globally" TERM 13

Internal Auditing Education Partnership (IAEP)

DEFINITION 13 Sponsored by the IIA, the IAEP program provides an internal audit curriculum in approved collages and universities TERM 14

Proficiency

DEFINITION 14 Internal auditors must possess the knowledge, skills, and other competencies needed to perform their individual responsibilities. The internal audit activity collectively must possess or obtain the knowledge, skills, and other competencies needed to perform its responsibilities. TERM 15

CAE

DEFINITION 15 The chief audit executive is a senior position within the organization responsible for internal audit activities.