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Taking the STANDARDS Seriously

Taking the STANDARDS Seriously. . . . what they are and why they are so critically important to internal audit professionalism. Professionalism Means:. Adherence to the Standards. Compliance with the Code of Ethics. Competency, evidenced by certification (CIA).

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Taking the STANDARDS Seriously

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  1. Taking the STANDARDSSeriously . . . what they are and why they are so critically important to internal audit professionalism.

  2. Professionalism Means: • Adherence to the Standards. • Compliance with the Code of Ethics. • Competency, evidenced by certification (CIA). • Maintaining a “Quality Assurance & Improvement Program.” • Ongoing professional development.

  3. Internal Auditing • Independent • Objective • Assurance & consulting activity • Adds value • Improves operations • Helps accomplish objectives

  4. Internal Auditing Brings a systematic and disciplined approach to evaluate and improvethe effectiveness of the risk management, control, and governance processes.

  5. International Professional Practices Framework (IPPF) The IPPF is a framework for the internal audit profession’s body of knowledge and guidance.It comprises the Definition, International Standards,Code of Ethics,and other guidance.

  6. International Professional Practices Framework (IPPF) The Definition provides a Statement of internal auditing’s fundamental purpose, nature, and scope.

  7. International Professional Practices Framework (IPPF) TheInternational Standards for the Professional Practice ofInternal Auditing (Standards)serve as mandatory guidance for professionals who practice internal auditing.

  8. What are the Standards? • Essential and mandatory guidance for meeting internal audit responsibilities. • A blueprint for professional internal auditing. • Criteria used to evaluate and measure the operations of an internal audit activity.

  9. Why adhere to the Standards? • Internal auditing is a cornerstone of effective governance. • Practice of the Standards improves governance. • Improved governance positively impacts stakeholders and supports the audit committee and executive management.

  10. The Standards Prescribe • Necessity for an internal audit charter. • Requirements of an internal audit activity. • Responsibilities of a chief audit executive (CAE). • Overview of the internal audit process. • Necessity for a “Quality Assurance and Improvement Program.”

  11. International Professional Practices Framework (IPPF) TheCode of Ethicsalso is mandatory guidance for professionals who practice internal auditing.

  12. Code of Ethics • Relevant principles • Rules of conduct • Adherence to the Standards.

  13. Code of Ethics • Integrity • Objectivity • Confidentiality • Competence

  14. International Professional Practices Framework (IPPF) Beyond the Definition, Standardsand the Code of Ethics,the Position Papers,Practice Advisories, and Practice Guides serve as strongly recommended guidance for professionals who practice internal auditing.

  15. Position Papers • Help a wide range of interested parties — including those not in the internal audit profession — to: • Understand significant governance, risk, and control issues. • Delineate internal audit-related roles and responsibilities

  16. Practice Advisories • Address approach methodology and considerations but not detail processes & procedures. • Provide timely guidance to assist in applying Code of Ethics, Standards, and promoting good practices. • Relate to international-, country-,or industry-specific issues; specific types of engagements; and legal or regulatory issues.

  17. Practice Guides • Provide information on how to conduct internal audit activities, including detailed: • Processes and procedures. • Tools and techniques. • Programs. • Step-by-step approaches. • Examples of deliverables.

  18. Other Guidance • Responses to exposure drafts and regulatory bodies • Global Technology Audit Guides (GTAG) • Topical materials and tools

  19. Take the Standards seriously! • Obtain your personal copy of the IPPF. • Study the Standards. • Refer to the strongly recommended guidance often. • Comply with the Standards. • Keep up with the most current guidance, via www.theiia.org. • Promote the importance of the Standards to professionalism.

  20. This presentation is fromThe Institute of Internal AuditorsGlobal Headquarterswww.theiia.orgQuestions? Contact pr@theiia.org

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