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According to IIA guidance, which of the following is true of the internal audit activity's quality assurance and improvement program? 1 Monitoring the internal audit activity's performance must be ongoing 2 All aspects of the internal audit activity should be evaluated 3 The requirement for external assessments can be satisfied through self-assessments that are validated by an independent external party 4 The review of assurance services should be the primary focus
Correct Answer: C
According to IIA guidance on the quality assurance and improvement program: * Monitoring of the internal audit activity's performance must indeed be ongoing to ensure continuous improvement. * All aspects of the internal audit activity should be evaluated, not just selected parts. IIA Standard 1300 - Quality Assurance and Improvement Program