According to The IIA's Competency Framework, which competency is considered the mandatory minimum for internal auditors to possess when performing internal audit engagements?
A.
To recognize red flags that indicate fraud.
B.
To recommend controls to prevent fraud.
C.
To apply forensic auditing techniques to detect fraud.
According to The IIA's Competency Framework, the mandatory minimum competency for internal auditors is to evaluate the potential for fraud. This involves recognizing where fraud risks may exist and assessing the effectiveness of controls in mitigating those risks.
Option A: Recognizing red flags is important but is part of evaluating fraud risk.
Option B: Recommending controls is a further step, not the minimum requirement.
Option C: Applying forensic techniques is specialized and beyond the basic competency required.
IIA Competency Framework.
IIA Standard 1210.A2: Proficiency in fraud risk assessment.
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