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Wiley CIAexcel Exam Review 2014: Part 2, Internal Audit Practice by S. Rao Vallabhaneni

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DOMAIN 1

Managing the Internal Audit Function (40–50%)

1.1 Strategic Role of Internal Audit

1.2 Operational Role of Internal Audit

1.3 Risk-Based Internal Audit Plan

1.4 Sample Practice Questions

1.1 Strategic Role of Internal Audit

The scope of the strategic role of internal audit focuses on the role of corporate code of ethics, conflicts of interest, factors influencing ethical standards, options for facilitating ethical behavior, monitoring compliance with the Code of Conduct of the Institute of Internal Auditors (IIA), fraud in financial reporting, and integrating ethical standards in complex situations.

(a) Role of Corporate Code of Ethics

Ethics is knowing what is right or wrong, proper or improper. Ethics forms basic ground rules for individuals to follow. It resides within a person and is a personal matter. Since people run businesses, personal ethics is business ethics, and vice versa. Also, ethics is indivisible or inseparable (i.e., it is the whole thing or nothing).

CORPORATE CULTURE VERSUS CORPORATE ETHICS
Corporate culture is identified formally in written statements of corporate vision or mission statements, or as a set of basic qualities, values, beliefs, or commitments.
Corporate culture raises the overall sense of ethical behavior in a way that is easy to understand and accept. Corporate culture needs to include the ethical element.
A good corporate culture should incorporate a substantial part of corporate ethics, explicitly or implicitly.

A person's competence, ...

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