Helping Hand Questions for IIA-CIA-Part1

For an internal auditor who facilitates control self-assessment workshops, collaboration skills are most important. These skills enable the auditor to effectively engage with participants, foster open communication, and facilitate group interactions that lead to more comprehensive and accurate assessments. Collaboration is essential for guiding discussions, resolving conflicts, and ensuring that the workshop objectives are met effectively.References: Best practices in facilitating workshops and internal auditor competency requirements as outlined in professional development resources and the IIA’s standards.

The type of risk that an adequately designed and effectively operating system of internal controls should mitigate is "Residual" risk. Residual risk is what remains after internal controls are applied to inherent risk. This is the primary focus of most internal control systems, which are intended to reduce risks to an acceptable level.References: Risk management frameworks and internal control literature, such as COSO and the Institute of Internal Auditors (IIA) guidance.

Demonstrating due professional care during an assurance engagement, according to IIA standards, includes systematically planning, executing, and documenting audit procedures. This ensures that all aspects of the engagement are covered comprehensively and that findings and conclusions are well-supported and credible. This approach aligns with the IIA's definition of due professional care, which emphasizes thoroughness and accuracy in the audit process.References: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing.

Among the options, requiring potential auditors to disclose any significant stock ownership in the organization is most likely to be acceptable to a CAE aiming to ensure the integrity and independence of the internal audit function. This practice helps manage potential conflicts of interest and aligns with the principles of objectivity and independence in internal auditing standards.References: The Institute of Internal Auditors (IIA) - Code of Ethics and International Standards for the Professional Practice of Internal Auditing.

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