Internal Auditing Standards Flashcards Preview

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Flashcards in Internal Auditing Standards Deck (12):
1

Code of Ethics Categories under IPPF

1. Integrity
2. Competence
3. Objectivity
3. Confidentiality

2

Position Papers defined

Helps with understanding significant governance, risk, or internal control issues, and defining roles and responsibilities of internal auditing

3

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.

4

Practice Guides defined

Addresses detailed processes and procedures in specific circumstances.

5

Attribute Standards defined

Basically general standards. Issues related to auditor independence, technical proficiency, and professional care are addressed here.

6

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.

7

Implementation standards defined

Imbedded within the attribute and reporting standards to address the requirements of implementing both assurance and consulting activities.

8

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

9

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

10

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

11

Endorsed and strongly recommended standard types for international auditing standards types

1. Position papers
2. Practice Advisories
3. Practice Guides

12

Effective management of internal audit activities is characterized in part by:

characterized by conformity with mandatory guidance of the International Professional Practice Framework (IPPF) including engagement in activities that meet the definition of:
1. Internal auditing,
2. Conformity with International Standards, and 3. Code of Ethics adherence