International Professional Practices Framework (Mandatory Guidance (Core…
International Professional Practices Framework
Underpin internal audit effectiveness.
Provides risk-based assurance.
Provides organisational improvement.
Demonstrates competence and due professional care.
Is insightful,proactive,and future-focused.
Internal auditing is an independent,objective assurance and consulting activity designed to add value and improve an organisation's operations.
It helps an organisation accomplish its objectives by bringing a systematic,disciplined approach to evaluate and improve the effectiveness of risk management,control and governance processes.
Code of Ethics
Established to promote an ethical culture throughout the internal audit profession.
The code applies to all internal auditors registered as members with the Institute of Internal Auditors.
Foster improved organisational processes and operations.
Establish the basis for the evaluation of internal audit performance.
Provide a framework for performing and promoting a board range of value-added internal audit activities.
Delineate basic principles that represent the practice of internal auditing.
Attribute Standards (1000 series)
Purpose,authority and responsibility
Independence and objectivity
Proficiency and due professional care
Quality assurance and improvement programme
Performance Standards (2000 series)
Managing the internal audit activity
Nature of the work
Performing the engagement
Resolution of management's acceptance of risks
Assist internal auditors in applying the Definition,the Code of Ethics and the Standards,and promoting good practices.
Assists a wide range of interested parties,including those not in the internal audit profession,in understanding significant governance,risk and control issues.
Control processes are adequate and effective.
Conducting staff training
Providing advice to management and controls,risk issues and governance.
Assisting in developing and drafting policies
Participating in quality teams
Adhering to/complying with relevant laws and regulations.
Mitigating the risks threatening management's objectives.
Whether management's policies and procedures are adhered to.