8 - 8/10 In the Standards for the Professional Practice of...

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8/10 In the Standards for the Professional Practice of Internal Auditing, the word shall means Answer Deviation from a requirements must be documented. Compliance is mandatory. Deviations may be made if necessary if requested by management. Compliance is recommended Who is responsible for establishing the strategic objectives of an organization? Answer The board of directors. Senior Management Consensus among all levels of management The board and senior management jointly. An organization's new president meets the CAE for the first time and asks him or her to briefly describe the department's overall responsibility, The CAE states that internal audit's overall responsibility is to: Answer Act as an independent appraisal function to review operations as a service to management by measuring and evaluating the effectiveness of controls. Review the means of safeguarding assets, and, as appropriate, verify the existence of such assets. Ensure compliance with policies, plans, procedures, laws, and regulations that could have a
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This note was uploaded on 03/25/2011 for the course MGT 268 taught by Professor Paragkosalge during the Spring '08 term at Grand Valley State University.

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8 - 8/10 In the Standards for the Professional Practice of...

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