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Flashcards in International Professional Practices Deck (7):
1

What is the IIA

Institute of Internal Auditors - Sets standards with respect to internal auditing

2

What is the IPPF and what two broad guidance categories does it consist of?

International Professional Practices Framework

1) Mandatory
2) Strongly Recommended

3

What 4 elements does mandatory guidance consist of?

1) Definition of internal audit
2) Core principles for the practice of internal audit
3) Code of ethics
- 4 principles "core values"
A) Integrity
B) Objectivity
C) Confidentiality
D) Competency


4) Standards

4

What 2 elements does non-mandatory (strongly recommended) guidance consist of?

1) Implementation guidance
2) Supplemental guidance

5

What are the 2 categories of "Standards" - Mandatory Guidance

Attribute Standards

Performance Standards

6

Attribute Standards - IIIA

Standards presented as "Statements" organized around 4 themes:

1) Purpose, Authority, and Responsibility (1000)
2) Independence and Objectivity (1100)
3) Proficiency and Due Professional Care (1200)
4) Quality Assurance and Improvement Program (1300)

7

Purpose, Authority, and Responsibility (Standard 1000)

Must be defined in an internal audit charter. Chief audit executive must periodically review internal audit charter and present it to senior management and board for approval

A)Implementation Standards - Nature of assurance services must be defined in charter
Nature of consulting services must be defined in charter

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