Which of the following statements is an advantage to outsourcing the internal audit function?

Question 10 options:

	Outsourcing the audit function means internal staff will be responsible for responding to urgent management requests.
	Outsourcing of routine, non-specialized assignments eliminates the cost of employing an internal auditor.
	Consultants will not be familiar with the company or its corporate culture, and therefore will have no allegiance to members of the company's administration.
	Outsourcing provides access to leading-edge practices, such as developed enterprise risk frameworks that can be used to identify business risk.

Question 11 (1 point)

Auditing standards govern various areas of the auditor's work. Which of the following areas is addressed by Performance Standards?

Question 11 options:

	Objectivity; due professional care of the internal auditor
	Objectivity of the internal auditor; governance
	Competence of the internal auditor; risk management
	Risk management; governance

Question 12 (1 point)

Which of the following is true concerning the internal audit charter?

Question 12 options:

	The charter is defined uniquely by the requirements of the company relative to an internal audit function.
	Senior management has the sole responsibility for approval.
	Audit activities defined in a charter must be consistent with the standards and code of ethics.
	The chief audit executive (CAE) is not required to perform periodic reviews.

Question 13 (1 point)

The IIA standards require that engagements be performed with proficiency and due professional care. Which of the following statements best describes proficiency and due professional care?

Question 13 options:

	The auditors have the knowledge and skills needed to carry out their audit functions and exercise good judgment.
	The auditors have the knowledge and skills needed to carry out their audit functions and conduct detailed reviews of all transactions.
	The auditors have the knowledge and skills needed to carry out their audit functions and follow the standards exactly.
	The auditors conduct detailed reviews of all transactions and follow the standards exactly.

Question 14 (1 point)

In addition to helping an organization evaluate and improve its risk management process, which of the following best describes how internal auditing helps an organization accomplish its objectives?

Question 14 options:

	It helps an organization evaluate and improve its control and governance processes.
	It helps an organization evaluate and improve its human resources management and governance processes.
	It helps an organization evaluate and improve its financial management and governance processes.
	It helps an organization evaluate and improve its strategic management and governance processes.

Question 15 (1 point)

Which of the following is an advantage of using outsourced internal audit resources?

Question 15 options:

	External resources can respond to urgent management requests in a much more efficient manner.
	External experts are often not familiar with the company and its culture.
	Outsourcing provides access to expertise not normally available.
	Costs are often competitive for routine, non-specialized assignments.