You are the Chief Audit Executive of Ivy Ltd. and have just met with the Audit Committee. You explained that the International Standards for the Professional Practice of Internal Auditing sets out the standards to be followed by internal auditors in the delivery of services. 

a) Identify and discuss the 2 main standards that comprise the IIA Standards and identify 2 standards for each of the main standards (do not include references to any standard numbers). 

b) What two actions could the CAE take if he/she becomes aware during an audit engagement that impairment to independence or objectivity exists with respect to that engagement. 

c) Define proficiency and what are 3 competencies required of both internal and external auditors to do their jobs successfully and deliver the necessary audit services to clients.

Answer rating: 100% (QA)

Answer a The Standards comprise two main categories Attribute and Performance Standards Performance ... View the full answer