Question

What are the 3 components of the IA value proposition set forth by the IIA?

Answer 1

The three components of the IA value proposition set forth by the IIA are core competencies, internal auditing's value proposition, and management's expectations.

Step-by-step explanation:

The three components of the IA value proposition set forth by the IIA are:

1. Core Competencies: These are the skills and abilities that internal auditors possess, such as knowledge of auditing principles and techniques, risk management, and critical thinking.
2. Internal Auditing's Value Proposition: This refers to the unique value that internal auditing brings to an organization, including providing independent and objective assurance, enhancing organizational governance, and contributing to efficient and effective operations.
3. Management's Expectations: This component refers to management's expectations of internal auditors, which include delivering timely and relevant insights, identifying areas of improvement, and providing value-added recommendations.