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Exam IIA-CIA-Part1 topic 1 question 9 discussion

Actual exam question from IIA's IIA-CIA-Part1
Question #: 9
Topic #: 1
[All IIA-CIA-Part1 Questions]

According to the International Professional Practices Framework, internal auditors should possess which of the following competencies?
I. Proficiency in applying internal auditing standards, procedures, and techniques.
II. Proficiency in accounting principles and techniques.
III. An understanding of management principles.
IV. An understanding of the fundamentals of economics, commercial law, taxation, finance, and quantitative methods.

  • A. I only
  • B. II only
  • C. I and III only
  • D. I, III, and IV only
Show Suggested Answer Hide Answer
Suggested Answer: D 🗳️
by SAJY at July 6, 2020, 4:01 p.m.

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Shekhor
4 months, 1 week ago
My answer was I and III but I did not understand the reason for adding another number IV. can you explain it.
upvoted 1 times
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cidifive
3 years ago
I. PROFICIENCY in applying internal auditing standards, procedures, and techniques. II. An APPRECIATION in accounting principles and techniques. III. An UNDERSTANDING of management principles. IV. An APPRECIATION of the fundamentals of economics, commercial law, taxation, finance, and quantitative methods. Answer should be C.
upvoted 2 times
Ivana2000
2 years, 5 months ago
to understand means to be able to process the meaning of. like "verstehen" in german. to appreciate something means to recognize the value of something good...
upvoted 1 times
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thabash
3 years, 1 month ago
because internal auditor must have Proficiency in applying internal auditing standards, and understanding in other fields
upvoted 2 times
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rizipakistani
3 years, 4 months ago
As per IPPF, Internal Auditors are expected to be proficient in applying internal auditing standards, procedures, and techniques. IA are not expected to be proficient in accounting, economics, commerce, IT etc. but should have an understanding of these stated areas. The trick in this question lied in the word understanding.
upvoted 2 times
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chung002
3 years, 4 months ago
key word is "understanding" is not equal to proficiency. This question is designed to confuse. Does the IPPF specifically state commercial law etc
upvoted 2 times
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Thila
3 years, 4 months ago
I think the trick lies with the word "understanding" - you are required to have some familiarity with those aspects of III. Whereas II is talking about "proficiency" which is more applicable to external auditors.
upvoted 1 times
Thila
3 years, 4 months ago
*aspects of IV
upvoted 1 times
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Adarno
3 years, 8 months ago
I'm surprised with the answer. I think it should be C. Why is it D?
upvoted 1 times
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SAJY
3 years, 9 months ago
Answer is C? Appreciation of fundamentals of economics, commercial law..ect ?
upvoted 1 times
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