Certified Internal Auditor (CIA) Part 1: Business Acumen — Question 124

A new chief audit executive realized that the internal audit charter has not been updated in five years and only includes the Core Principles for the Professional Practice of Internal Auditing, the Code of Ethics, and the Standards. What mandatory component is missing?

Answer options

• A. Statement of Independence.
• B. Operating Procedures of Internal Auditing.
• C. Definition of Internal Auditing.
• D. Attestation of Quality Assurance.

Correct answer: B

Explanation

The correct answer is B, as the Operating Procedures of Internal Auditing are crucial for guiding the internal audit activities and ensuring consistency in the audit process. The other options, while important, are not mandatory components that must be included in the charter as per the internal auditing standards.