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IIA Exam IIA-CIA-Part1 Topic 6 Question 73 Discussion

Actual exam question for IIA's IIA-CIA-Part1 exam
Question #: 73
Topic #: 6
[All IIA-CIA-Part1 Questions]

According to IIA guidance, which of the following statements regarding the internal audit charter is true?

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Suggested Answer: D

According to the IIA's guidelines, the internal audit charter should clearly define the internal audit activity's position within the organization. This is essential to establish the authority and scope of the internal audit function, ensuring that it has the necessary independence and resources to fulfill its duties effectively. Reference: The Institute of Internal Auditors (IIA) guidelines on internal audit charter.


by Laquanda at Apr 07, 2025, 02:25 PM

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Loren
8 days ago
Hmm, I'm not sure. C seems to be a bit of a trap answer. Wouldn't the nature of assurances to outside parties be an important part of the charter?
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Lisha
23 hours ago
A) The nature of consulting services typically is not included in the charter.
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Phillip
12 days ago
This question is a piece of cake! D is the clear winner. The charter is like the constitution of the internal audit department, of course it defines their position.
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Rebbecca
13 days ago
I'm torn between B and D. While the position within the organization is important, regular review of the charter is also crucial to ensure it remains relevant.
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Stephaine
18 days ago
B is a bit too rigid. Reviewing the charter annually might be overkill, but it should definitely be reviewed periodically.
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Merri
1 months ago
I'm not sure, but I think D) The charter typically defines the internal audit activity's position within the organization is also important for clarity and alignment.
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Johnson
1 months ago
I agree with Ellsworth, it makes sense for the chief audit executive to review the charter regularly to ensure it remains relevant.
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Frederica
1 months ago
I agree with Annmarie. The charter is a crucial document that establishes the internal audit function's authority and responsibilities.
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German
9 days ago
B) The chief audit executive must formally review the charter at least once a year
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Shonda
16 days ago
A) The nature of consulting services typically is not included in the charter.
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Annmarie
2 months ago
D seems like the most comprehensive answer. The charter should definitely define the internal audit activity's position within the organization.
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Mauricio
26 days ago
User 2: I agree, it's important for the charter to clearly outline the internal audit activity's role and position.
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Jess
27 days ago
User 1: I think D is the correct answer. The charter should define the internal audit activity's position within the organization.
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Ellsworth
2 months ago
I think the answer is B) The chief audit executive must formally review the charter at least once a year.
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