Please enable JavaScript.
Coggle requires JavaScript to display documents.
IA Chap 2: Professional Standards & Ethics; Governance & Risk…
IA Chap 2: Professional Standards & Ethics;
Governance & Risk Management
International Professional
Practices Framework (IPPF)
The mission of internal audit is to
enhance
and
protect organizational
value by
providing risk-based and objective assurance,
advice, and insight
Code of Ethics
Rules of Conduct
describe behavioral norms that internal auditors should follow to put the Principles into practice
Principles of the Code
Objectivity
Confidentiality
Integrity
Competency
Essential elements
for the
delivery
of
internal audit services
including
Characteristics of the function providing these services
Nature of internal audit activities
Attributes of the individual internal auditor
Associated performance criteria
Fundamental principles to provide effective internal audit
services
Core Principles
3.Is objective and free from undue influence (independent).
4.Aligns with the strategies, objectives, and risks of the
organization.
2.Demonstrates competence and due professional care.
5.Is appropriately positioned and adequately resourced.
1.Demonstrates integrity
6.Demonstrates quality and continuous improvement.
7.Communicates effectively.
8.Provides risk-based assurance.
9.Is insightful, proactive, and future-focused.
10.Promotes organizational improvement.
Standards
= Principles-focused, mandatory requirements for
internal audit engagemen
It helps to:
Provide a framework for engagement performing.
Establish the evaluation of internal audit performance.
Guide adherence with the mandatory elements of IPPF.
Foster improved organizational processes and operations
Corporate Governance
Principles
Governance
The combination of processes and structures implemented by the board to inform, direct, manage, and monitor the activities of the organization toward the achievement of its objectives
key points
It begins with the
board of directors
and its committees
The board must focus on the needs of key stakeholders
Day-to-day, governance is executed by management of the organization
Internal and external assurance activities provide management and the board with assurances regarding the effectiveness of governance activities
Def
Corporate governance involves a set of
relationships
between a company’s
management
, its
board
, its
shareholders
, and other
stakeholders
. Corporate governance also provides the
structure
through which the
objectives
of the company are set, and the means of
attaining
those
objectives
and
monitoring performance
are determined
The Elements of Risk Management
COSO
Review & revision xem xét & sửa đổi)
Information communication & reporting
Performance
Stratergy & objective-setting
Governance & culture
setting Mission, Vision & Core Value
BOD role in ERM
Risk oversight
Def Risk
effect of uncertainly on objectives
the
possibility
that events will
occur
&
effect
the
achievement
of a
stategy & objiectives
BOM role
Responsible for aspects of all 5 components of ERM
Internal auditor's role
Evaluating the effectiveness ERM system