Flashcards in Internal Auditing Standards Deck (12):
Code of Ethics Categories under IPPF
Position Papers defined
Helps with understanding significant governance, risk, or internal control issues, and defining roles and responsibilities of internal auditing
Practice Advisories defined
Address approach, methodology, and consideration, but not detailed processes and procedures. They offer guidance to assist internal auditors in applying the Code of Ethics and the Standard and to promote good practices.
Practice Guides defined
Addresses detailed processes and procedures in specific circumstances.
Attribute Standards defined
Basically general standards. Issues related to auditor independence, technical proficiency, and professional care are addressed here.
Performance standards defined
Basically field work standards and reporting standards. Issues related to planning and supervision of the engagement and documentation of evidence of basis for conclusions are addressed here along with generic reporting requirements.
Implementation standards defined
Imbedded within the attribute and reporting standards to address the requirements of implementing both assurance and consulting activities.
4 types of attribute standards in IAS
1. Purpose, Authority, and Responsibility
2. Independence and Objectivity
3. Proficiency and Due Professional Care
4. Quality Assurance and Improvement Program
7 areas of performance standards
1. Managing the Internal Audit Activity
2. Engagement Planning
3. Nature of work
4. Communicating Results
5. Acceptance of Risk by management
6. Monitoring Progress
7. Performing the Engagement
Mandatory Guidance for international standards types
1. Definition of internal auditing
2. Code of Ethics
3. International Standards for the Professional Practice of Internal Auditing
Endorsed and strongly recommended standard types for international auditing standards types
1. Position papers
2. Practice Advisories
3. Practice Guides