The internal audit charter is a formal document that defines the purpose, authority, and responsibility of the internal audit activity. It establishes the internal audit activity's position within the organization, authorizes access to records, personnel, and physical properties relevant to the performance of engagements, and defines the scope of internal audit activities. Final approval of the internal audit charter by the board ensures that there is a clear understanding and agreement on how the internal audit activity should function, thus supporting objectivity in carrying out its duties.References: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing

Reviewing training records for all internal auditors is a way to demonstrate an individual internal auditor's competency through continuing professional development. This method ensures that each auditor's training aligns with required competencies and standards, providing a clear record of professional development activities.References: IIA standards on assessing professional competencies and continuing education.

The internal auditor's objectivity is best protected in the scenario where a former human resources manager conducts an effectiveness review of the appointment and termination process six months after transferring to the internal audit activity. This duration allows for a cooling-off period, which helps to mitigate potential conflicts of interest or biases related to the auditor's former role and responsibilities.References: IIA Standards regarding objectivity and conflicts of interest.

1. According to the IIA's Code of Ethics, internal auditors are responsible for maintaining their knowledge, skills, and other competencies at a level required to perform their professional responsibilities
2. Internal auditors should also pursue relevant professional development opportunities to enhance their ability to add value to the organization
3. Therefore, option C is the correct answer. The other options are not correct. The officer in charge of human resources, the chief audit executive, and the CEO may support or facilitate the internal auditor's professional development, but they are not ultimately responsible for it
4. The internal auditor has the primary accountability and obligation to maintain and improve their own competencies

To determine the magnitude of risk events, organizations commonly assess both the potential impact of the risk event and its likelihood of occurrence. Impact refers to the extent of the consequences if the risk were to materialize, while likelihood refers to the probability of the risk event occurring. Together, these factors help in quantifying and prioritizing risks, enabling more effective risk management decisions.
Tolerance and appetite (A) are related to the organization's willingness to accept certain levels of risk, not directly to assessing the magnitude of specific risk events. Inherent and residual risk (B) describe risk levels before and after controls are applied, respectively. Cost and benefit (C) pertain to evaluating the financial implications and potential returns of risk management strategies.
References:
* COSO Enterprise Risk Management Framework
* IIA Global Technology Audit Guide (GTAG) "Management of IT Auditing"