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Internal Auditing (Professional Body (IIA (IPPF (Guidance (Mandatory…

- - - - Guidance
        
        Mandatory Guidance
        
        Mission of Internal Auditing
        
        To Enhance and protect Organisational value by proving risk-based and objective assurance, advice and insight.
        
        Principles
        
        1. Core Principles. Includes: Integrity, Competence, Due Profession care , Quality and Continuous Improvement
        
        Demonstration: Integrity, Competence, Due Profession care , Quality and Continuous Improvement
        
        Is Insightful, Pro-active and future-focused
        
        Is Appropriately and Adequately Resourced
        
        Is Objective & free from Undue Influance
        
        Communicate effectively
        
        Provides Risk based-assurance
        
        Aligns with Organisation's Strategies, Objectives and risks.
        
        Promotes organisational Improvement.
        
        Definition (Internal Auditing: it is an Independent, objective assurance and consulting actitextvity design to add value and improve an Organisation's :text operations. it helps an organisation accomplish its objective by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance.
        
        Is the Umbrella under which the rest of the elements of the IPPF fall.
        
        Code of Ethics
        
        Introduction
        
        Describes minimum requirements : conduct & behavior
        
        Purpose of code of ethics : to Promote Ethical culture in profession of Internal Auditing.
        
        Necessary & Appropriate : profession founded on trust placed, in objective assurance about: Governance, risk management and control.
        
        Components
        
        2 more items...
        
        Standards
        
        Purpose of the Standards
        
        Provide a Framework for performing and promoting a braod range of value-added internal audit activities
        
        Establish the basis for the evaluation of internal audit perfomence
        
        Delineate Basic principles that represent the practice of Internal Audit.
        
        Foster improved organisational processes and operations
        
        Comprise two main Categories :
        
        Attribute Standards (1000 Series)
        
        3 more items...
        
        Performance Standards (2000 series)
        
        3 more items...
        
        Criteria and Statement of basic / core requirements
        
        Required & Essential for Professional practice of IA
        
        Recommended Guidance
        
        Describes Practices for: effective Implementation of Mandatory Guidance. adherence is optional, not compulsory and very useful.
        
        Elements of the Recommended Guidance
        
        Supplemental Guidance
        
        Replaced old Practices Guides
        
        Assist wide range interested parties
        
        Enhance Understanding of : Governance,risk & control issues. roles & responsibilities of IA
        
        Include Items such as : Educational products, research studies and other relevant material.
        
        Implementation Guidance
        
        Replace old Practice Advisories effective 1January 2017
        
        Assist Internal Auditors in applying Mandatory Guidance i.e. Definition of IA; code of ethics and Standards. it promotes good practice
      - Promulgated by the IIA. Its a Conceptual Framework, Organised and Authoritative Guidance