Section: Volume E
Explanation/Reference:

The best choice for a continuing professional development requirement for a newly created internal audit activity is to require all internal auditors to create a training plan based on a competency self-assessment. This approach ensures that training is aligned with the specific needs and gaps in skills identified by the auditors themselves, thereby promoting effectiveness and professional growth within the audit function.References: IIA guidelines on continuing professional development and competency assessment.

Corporate social responsibility (CSR) refers to an organization's overall commitment to improving the quality of life for its employees and the community at large. This commitment involves ethical behavior, sustainable practices, and contributions to social and environmental well-being. CSR initiatives aim to create a positive impact on society while also enhancing the organization's reputation and stakeholder relationships.
References:
* The IIA Standards: Standard 2110 - Governance: "The internal audit activity must assess and make appropriate recommendations to improve the organization's governance processes for making strategic and operational decisions, overseeing risk management and control, and promoting appropriate ethics and values within the organization."
* COSO ERM Framework: Discusses the role of CSR in enhancing organizational sustainability and stakeholder value.

Prior to the commencement of an IT audit, the ability to assess the potential for fraud risk and identifying common types of fraud associated with the engagement is a required competency for internal auditors.
Understanding the specific fraud risks inherent in IT systems and processes is essential for effectively auditing these areas, particularly in detecting and preventing fraud.References: IIA's Competency Framework for Internal Auditors