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Wiley CIAexcel Exam Review 2014: Part 1, Internal Audit Basics by S. Rao Vallabhaneni

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Glossary

This glossary contains key terms useful to CIA Exam candidates. Reading the glossary terms prior to studying the theoretical subject matter covered in the review books and prior to answering the online test bank’s practice questions can help the candidate understand the domain contents better. In addition, this glossary is a good source for answering multiple-choice questions on the CIA Exam. Certain glossary terms are repeated in the Part 1, Part 2 , and Part 3 glossary sections for students’ convenience due to their common topics and the fact that each Part Exam must be passed separately.

 

Abuse

Abuse occurs when the conduct of an activity or function falls short of expectations for prudent behavior. Abuse is distinguished from noncompliance in that abusive conditions may not directly violate laws or regulations. Abusive activities may be within the letter of the laws and regulations but violate either their spirit or the more general standards of impartial and ethical behavior.

Activity reports

Activity reports of the internal auditing department highlight significant audit findings and recommendations and inform senior management and the board of any significant deviations from approved audit work schedules, staffing plans, and financial budgets, and the reasons for them.

Add value

The internal audit activity adds value to the organization (and its stakeholders) when it provides objective and relevant assurance, and contributes to the effectiveness and efficiency ...

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