Certified Internal Auditor (CIA) Practice Test

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What is a required component of an internal audit quality assurance program?

  1. Annual training for non-audit staff involved in the process.

  2. Regular meetings to discuss audit findings and recommendations.

  3. Periodic external assessments.

  4. Internal audits conducted solely by senior management.

The correct answer is: Periodic external assessments.

A required component of an internal audit quality assurance program is periodic external assessments. These assessments are essential because they provide an objective evaluation of the audit activities and help ensure compliance with professional standards. By involving external reviewers, the organization gains insights into the effectiveness, efficiency, and adherence to standards of its internal audit function. These assessments can identify areas for improvement and validate the overall quality of the audit processes, ultimately enhancing accountability and trust in the internal audit's findings. While other components, such as training for staff and regular meetings to review findings, may contribute to the effectiveness of the audit program, they do not fulfill the mandatory requirement for external oversight that periodic external assessments offer. Additionally, conducting audits solely by senior management could lead to conflicts of interest and undermine the objectivity essential in evaluating operations. Thus, external assessments stand out as a necessary element in maintaining the integrity and quality of the internal audit function.