IIA IIA-CIA-Part1 Dumps Questions Answers

The true statement regarding corporate social responsibility (CSR) is that unlike many other areas of reporting responsibilities impacting stakeholders, CSR is largely voluntary. Most elements of CSR, such as community engagement, environmental conservation, and sustainable practices, are not legally mandated but are adopted by companies to improve their societal impact and stakeholder relationships.References: Standards and practices related to Corporate Social Responsibility (CSR).

The best course of action for the auditor in this scenario is to disclose the potential impairment to the customer before accepting the consulting engagement. By doing so, the auditor maintains transparency regarding any conflicts of interest and allows the customer to make an informed decision about the auditor’s objectivity. Disclosing prior involvement ensures that both the auditor and the client acknowledge and address any potential bias that could affect the outcomes of the consulting service.References: IIA's International Standards for the Professional Practice of Internal Auditing and Code of Ethics.

According to IIA guidance, the internal audit activity should refrain from conducting an assurance engagement for which it lacks the necessary competencies or skills. This requirement ensures that internal audits are carried out effectively and that audit conclusions are reliable. It upholds the integrity and professionalism of the internal audit function by ensuring that all engagements are performed with the requisite level of expertise.References: The IIA's International Standards for the Professional Practice of Internal Auditing on proficiency and due professional care.