25. Periodic external assessments of an
internal audit activity's quality assurance and improvement program should be undertaken. On completion of
such an assessment, a formal report or other communication should be issued expressing an
opinion as to the
a. Adequacy of internal control.
b. Effectiveness of the internal auditing coverage.
c. Conformance with the internal audit activity's charter.
d. Internal audit activity's compliance with the Standards.
25. Solution: d
a. Incorrect. External assessments express an opinion on the overall effectiveness of the quality program, not the adequacy of internal controls.
b. Incorrect. External assessments express an opinion on the overall effectiveness of the quality program, not the effectiveness of the internal auditing coverage.
c. Incorrect. External assessments express an opinion on the overall effectiveness of the quality program, not conforming to the IAA charter.
d. Correct. The external assessment should consist of a broad scope of coverage that includes conformance with the Definition of Internal Auditing; the Code of Ethics; and the Standards (PA 1312-1.10).
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