Internal Auditor designation and other designations offered by The Institute of Internal Auditors and other appropriate professional organizations. 1210.A1 The chief audit executive must obtain competent advice and assistance if the internal – auditors lack the knowledge, skills, or other competencies needed to perform all or part of the engagement. 1210.A2 Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the – manner in which it is managed by the organization, but are not expected to have the expertise of a person whose primary responsibility is detecting and investigating fraud. 1210.A3 Internal auditors must have sufficient knowledge of key information technology risks – and controls and available technology-based audit techniques to perform their assigned work. However, not all internal auditors are expected to have the expertise of an internal auditor whose primary responsibility is information technology auditing. 1210.C1 The chief audit executive must decline the consulting engagement or obtain competent – advice and assistance if the internal auditors lack the knowledge, skills, or other competencies needed to perform all or part of the engagement. 1220 Due Professional Care – Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor. Due professional care does not imply infallibility. 1220.A1 Internal auditors must exercise due professional care by considering the: – Extent of work needed to achieve the engagement’s objectives; Relative complexity, materiality, or significance of matters to which assurance procedures are applied; Adequacy and effectiveness of governance, risk management, and control processes; Probability of significant errors, fraud, or noncompliance; and Cost of assurance in relation to potential benefits. In exercising due professional care internal auditors must consider the use of 1220.A2 – technology-based audit and other data analysis techniques. 1220.A3 Internal auditors must be alert to the significant risks that might affect objectives, – operations, or resources. However, assurance procedures alone, even when performed with due professional care, do not guarantee that all significant risks will be identified. 1220.C1 Internal auditors must exercise due professional care during a consulting engagement – by considering the:
Internal Auditor designation and other designations offered by The Institute of Internal Auditors and other appropriate professional organizations. 1210.A1 – The chief audit executive must obtain competent advice and assistance if the internal auditors lack the knowledge, skills, or other competencies needed to perform all or part of the engagement. 1210.A2 – Internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization, but are not expected to have the expertise of a person whose primary responsibility is detecting and investigating fraud. 1210.A3 – Internal auditors must have sufficient knowledge of key information technology risks and controls and available technology-based audit techniques to perform their assigned work. However, not all internal auditors are expected to have the expertise of an internal auditor whose primary responsibility is information technology auditing. 1210.C1 – The chief audit executive must decline the consulting engagement or obtain competent advice and assistance if the internal auditors lack the knowledge, skills, or other competencies needed to perform all or part of the engagement. 1220 – Due Professional Care Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor. Due professional care does not imply infallibility. 1220.A1 – Internal auditors must exercise due professional care by considering the: Extent of work needed to achieve the engagement’s objectives; Relative complexity, materiality, or significance of matters to which assurance procedures are applied; Adequacy and effectiveness of governance, risk management, and control processes; Probability of significant errors, fraud, or noncompliance; and Cost of assurance in relation to potential benefits. 1220.A2 – In exercising due professional care internal auditors must consider the use of technology-based audit and other data analysis techniques. 1220.A3 – Internal auditors must be alert to the significant risks that might affect objectives, operations, or resources. However, assurance procedures alone, even when performed with due professional care, do not guarantee that all significant risks will be identified. 1220.C1 – Internal auditors must exercise due professional care during a consulting engagement by considering the:
QAR%202017%20Report%20Template.docx