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International Standards for the Professional Practice of Internal Auditing

International Standards for the Professional Practice of Internal Auditing. Urton Anderson, PhD, CIA Chairman – The Internal Auditing Standards Board The Institute of Internal Auditors. Agenda. Internal Audit Standards and Guidance International Professional Practices Framework (IPPF)

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International Standards for the Professional Practice of Internal Auditing

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  1. International Standards for the Professional Practice of Internal Auditing Urton Anderson, PhD, CIA Chairman – The Internal Auditing Standards Board The Institute of Internal Auditors

  2. Agenda . • Internal Audit Standards and Guidance • InternationalProfessional Practices Framework (IPPF) • International Standards for the Professional Practice of Internal Auditing • The IIA’s Standard Setting Process

  3. IA Standards and Guidance • Code of Ethics - 1968 • Standards - first issued 1978 • Professional Practices Framework - 2000 • International Professional Practices Framework – January 2009

  4. InternationalProfessional Practices Framework (IPPF)

  5. Definition Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

  6. Code of Ethics • 4 Principles • Integrity • Objectivity • Confidentiality • Competency • 12 Rules

  7. The International Standards • Mandatory requirements consisting of: • Statements of basic requirements for professional practice of internal auditing • Interpretations which clarify terms or concepts within the Statements. • Glossary

  8. The International Standards

  9. Standards • Approved translation – 32 languages • Increasingly recognized by legislation and regulation • GAO “Yellow Book” • Texas Internal Auditing Act • Canadian Federal Government • South Africa • National Treasury requires their use in public sector • King report requires for listed companies

  10. Compatibility • Comparison with GAO “Yellow Book” Standards • Aligned with performance auditing

  11. Non-mandatory Guidance • Practice Advisories • Practice Guides • Position Papers

  12. The IIA’s Guidance Setting Process • Guidance set by IIA Technical Committees • Internal Auditing Standards Board • Ethics Committee • Professional Issues Committee • Advance Technology Committee

  13. The IIA’s Standard Setting Process • Internal Auditing Standards Board • Standards reviewed every 3 years • Changes requires public exposure in English, French and Spanish • 90 day exposure period • Standard Oversight Committee • Majority stakeholders

  14. The Institute of Internal AuditorsGlobal Headquarterswww.theiia.orgUrton Andersonurton.anderson@mccombs.utexas.eduMargie Poposky BastollaMargie.Bastolla@theiia.org

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