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CS Professional · Internal and Forensic Audit · Practices related to Internal Auditing

Sunrise Textiles Ltd's internal audit head wants to confirm that the internal audit activity conforms to the Standards and that auditors follow the code of ethics. She plans a structured programme of ongoing monitoring, periodic self-assessments and an external assessment. Which term best describes this programme?

The programme described is a quality assurance and improvement programme. It combines ongoing monitoring, periodic self-assessments and external assessment to evaluate whether internal audit conforms to the Standards and ethics code, unlike an audit plan, universe or charter, which serve scheduling or authority purposes.

  1. AQuality assurance and improvement programmeCorrect
  2. BAnnual audit plan
  3. CRisk-based audit universe
  4. DAudit committee charter

Explanation

A quality assurance and improvement programme covers ongoing monitoring, periodic internal self-assessment and external assessment, to evaluate conformance with the Standards and ethics code. The audit plan, audit universe and charter serve other purposes: scheduling, listing auditable areas and defining authority.

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