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Auditing and assurance

Auditing and assurance. Lecture 8c Standards for the Professional Practice of Internal Auditing (SPPIA’s). The Institute of Internal Auditors. IIA Originated and HQ is based in USA National ‘chapters’ Internal Auditing Standards Board (IASB-IIA). The Institute of Internal Auditors.

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Auditing and assurance

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  1. Auditing and assurance Lecture 8c Standards for the Professional Practice of Internal Auditing (SPPIA’s)

  2. The Institute of Internal Auditors • IIA • Originated and HQ is based in USA • National ‘chapters’ • Internal Auditing Standards Board (IASB-IIA)

  3. The Institute of Internal Auditors • The International Professional Practices Framework (IPPF) 2009, contains… • The IIA's Code of Ethics • International Standards for the Professional Practice of Internal Auditing (SPPIA’s) with interpretations • Practice Advisories • Position Papers • Practice Guides

  4. SPPIA’s • Purposes • To delineate basic IA principles • A framework for IA performance • A basis of evaluation of IA performance • To help improve organisational processes and operations IIA, 2009

  5. SPPIA's • Types • Attribute standards • What and who • Performance standards • How • Implementation standards • Adds matter to the above standards depending on whether IA work is… • Assurance (A) or • Consultancy (C) related

  6. Standard ‘groups’ Attribute standards 1000- Performance standards 2000- Implementation standards nnnn(A/C)f • Implementation standards are numbered according to attribute or performance (nnnn) then whether Auditing or Consultancy (A or C) then a specific further reference (f)

  7. SPPIA 1000 - Attribute standards (Oct 2008)Purpose, authority and responsibility • SPPIA 1000 • The purpose, authority and responsibility to be formally defined in the audit charter and approved by the board. • Related interpretation standards • SPPIA 1000.A1 • Requires the nature of assurance services to be defined in the audit charter • SPPIA 1000.C1 • Requires the nature of consultancy services to be defined in the audit charter

  8. SPPIA 1100 group - Attribute standards(Oct 2008)Independence and objectivity • SPPIA 1100 • IA activity should be independent and objective • SPPIA 1110 • IA activity should have organisational independence • Scope, performance, reporting (1110.A1)

  9. SPPIA 1100 group - Attribute standards (Oct 2008)Independence and objectivity (cont.) • SPPIA 1120 • Individual internal auditors should have an impartial unbiased attitude and avoid conflicts of interest • SPPIA 1130 • If independence or objectivity is (or appears to be) impaired it should be disclosed to the appropriate parties • 1130.A1 - No auditing of own work • 1130.A2 - Audit of IA dept must be overseen by a non-IA party

  10. SPPIA 1200 group - Attribute standards (Oct 2008)Proficiency and due professional care • SPPIA 1210 • Proficiency • SPPIA 1220 • Due professional care • SPPIA 1230 • CPD

  11. SPPIA 1300 group - Attribute standards (Oct 2008)Quality assurance and improvement • SPPIA 1310/ SPPIA 1311/ SPPIA 1312 • Quality programme/ Internal/ External assessments • SPPIA 1320 • Reporting on quality programme • SPPIA 1330 • Standards • SPPIA 1340 • Non-compliance reporting

  12. SPPIA 2000 - Performance standards (Oct 2008)Managing the IA activity • SPPIA 2010 - Planning • SPPIA 2010. A1 • Plan should be based on (yearly) risk assessment • SPPIA 2010. C1 • IA should consider engagements that improve risk management, organisational operation and add value

  13. SPPIA 2000 - Performance standards (Oct 2008)Managing the IA activity (cont.) • SPPIA 2020 - Communication and approval • SPPIA 2030 - Resource management • SPPIA 2040 - Policies and procedures • SPPIA 2050 - Coordination • SPPIA 2060 - Reporting

  14. SPPIA 2100 - Performance standards (Oct 2008)Nature of work • SPPIA 2110 - Risk management • SPPIA 2120 - Control • SPPIA 2130 - Governance

  15. SPPIA 2200 - Performance standards (Oct 2008)Engagement planning • SPPIA 2201 - Considerations • SPPIA 2210 - Objectives • SPPIA 2220 - Scope • SPPIA 2230 - Resources • SPPIA 2240 - Programme

  16. SPPIA 2300 - Performance standards (Oct 2008)Performance • SPPIA 2310 - Identifying information • SPPIA 2320 - Analysis and evaluation • SPPIA 2330 - Recording • SPPIA 2340 - Supervision

  17. SPPIA 2400 - Performance standards (Oct 2008)Communicating results • SPPIA 2410 - Criteria • SPPIA 2420 - Quality • SPPIA 2421 - Errors and omissions • SPPIA 2430/1 – Conformance (compliance) • SPPIA 2440 - Distribution

  18. SPPIA 2500 - Performance standards (Oct 2008)Monitoring progress SPPIA 2600 - Performance standards(Oct 2008)Management's acceptance of risks

  19. IIA - Further information • Malaysia • http://www.iiam.com.my/ • Singapore • http://www.iia.org.sg/ • UK and Ireland • http://www.iia.org.uk/ • Hong Kong SAR / PRC • http://www.ciia.com.cn/pyciia/htm/index.asp

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