Performing direct tests of events and transactions 12 Cosourcing means that an

Performing direct tests of events and transactions 12

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■ ■ Performing direct tests of events and transactions. 12. Cosourcing means that an organization is supplementing its in-house internal audit function to some extent via the services of third-party vendors. Common situations in which an organization will cosource its internal audit function include circumstances in which the third-party vendor has spe- cialized audit knowledge and skills that the organization does not have in-house and circumstances in which the organization has insufficient in-house internal audit resources to fully complete its planned engagements. 13. The IIA headquarters’ executive leadership team is headed by the president and CEO. Hundreds of volunteers, including The IIA’s Global Board of Directors, also provide IIA leadership. The 38-member Global Board of Directors oversees the affairs of The IIA. The board’s Executive Committee comprises the chairman of the board, the senior vice chairman, five vice chairmen, a secretary, and the two most recent former chairmen of the board. The board also includes the North American Board, which holds specific authority and oversight of North American activities, directors-at-large, ex-officio directors, institute directors, and The IIA president as an ex-officio member. 14. The two categories of guidance included in the International Professional Practices Framework (IPPF) are mandatory guidance, which includes the Definition of Internal Auditing, the Code of Ethics, and the International Standards for the Professional Practice of Internal Auditing , and recommended guidance, which includes implementation guidance and supplemental guidance. 15. The Certified Internal Auditor (CIA) exam tests a candidate’s expertise in three parts: ■ ■ Internal Audit Basics.
CHAPTER 1 INTRODUCTION TO INTERNAL AUDITING Illustrative Solutions Internal Auditing: Assurance & Advisory Services , 4th Edition © 2017 by the Internal Audit Foundation, 1035 Greenwood Blvd., Suite 401, Lake Mary, FL 32746, USA Page 3 ■ ■ Internal Audit Practice. ■ ■ Internal Audit Knowledge Elements. 16. The Internal Audit Foundation exists to help audit leaders, practitioners, students, and academics experience continuous growth in their careers to propel them to become respected as trusted advisers as well as thought leaders within the industry. 17. The five Cs are: Competence, Credibility, Connectivity, Communication, and Courage. 18. Inherent personal qualities that are common among successful internal auditors include integrity, passion, work ethic, curiosity, creativity, initiative, and flexibility. 19. Internal auditors must have integrity because the users of their work products rely on the internal auditors’ professional judgments to make important business decisions. These stakeholders must have confidence that internal auditors are trustworthy.

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