Certified Internal Auditor (CIA) Part 1: Business Acumen — Question 196

In order to exercise due professional care as defined in the International Professional Practices Framework, an internal auditor should:
I. Consider the probability of significant noncompliance in each audit engagement.
II. Perform assurance procedures with sufficient care to ensure that all risks are identified.
III. Weigh the cost of assurance against the benefits.

Answer options

• A. I and II only
• B. I and III only
• C. II and III only
• D. I, II, and III.

Correct answer: B

Explanation

The correct answer is B because considering the probability of significant noncompliance and weighing the cost of assurance against its benefits are essential for due professional care. However, performing assurance procedures with sufficient care to identify all risks is critical, but it does not specifically align with the due professional care's definition as outlined in the framework.