According to IIA guidance, which of the following statements is true regarding the internal audit activity's quality assurance and improvement program (QAIP)?
A.
Internal assessments rely solely on the review of completed audit engagements for demonstrated performance
B.
The chief audit executive is responsible for assessing the suitability and competence of an external assessor.
C.
QAIP results must first be discussed with the board and approval obtained for distribution to senior management
D.
At the board's discretion, the frequency of external assessments can exceed the five-year guideline
According to the IIA guidance, the frequency of external assessments can exceed the five-year guideline at the board's discretion. This flexibility allows organizations to conduct external quality assessments more frequently than the minimum standard based on their specific needs, risk exposure, or changes in the operating environment, ensuring continuous improvement and adherence to best practices in internal auditing.References: Institute of Internal Auditors (IIA) - International Professional Practices Framework (IPPF)
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