Internal Audit Practice Framework

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THE PROFESSIONAL PRACTICES FRAMEWORK
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Disclosure Copyright © 2004 by The Institute of Internal Auditors (IIA), 247 Maitland Avenue, Altamonte Springs, Florida 32701-4201. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means — electronic, mechanical, photocopying, recording, or otherwise — without prior written permission of the publisher. The IIA publishes this document for informational and educational purposes. This document is intended to provide information, but is not a substitute for legal or accounting advice. The IIA does not provide such advice and makes no warranty as to any legal or accounting results through its publication of this document. When legal or accounting issues arise, professional assistance should be sought and retained. The Professional Practices Framework for Internal Auditing (PPF) was designed by The IIA Board of Directors' Guidance Task Force to appropriately organize the full range of existing and developing practice guidance for the profession. Based on the definition of internal auditing, the PPF comprises Ethics and Standards, Practice Advisories, and Development and Practice Aids, and paves the way to world-class internal auditing.

The Institute of Internal Auditors Global Practices Center 247 Maitland Avenue Altamonte Springs, FL 32701-4201 USA Phone: +1-407-937-1362 FAX: +1-407-937-1101 E-mail: standards@theiia.org ISBN 0-89413-544-9 04314 04/04 First Printing

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Contents iii

CONTENTS
Preface ..................................................................................... xxi Acknowledgments ................................................................... xxv Definition of Internal Auditing ................................................xxvii Code of Ethics ........................................................................ xxix International Standards for the Professional Practice of Internal Auditing (Standards) Introduction ........................................................................ 3 Attribute Standards ............................................................ 7 1000 – Purpose, Authority, and Responsibility .................... 7 1100 – Independence and Objectivity ................................. 7 1110 – Organizational Independence .................... 7 1120 – Individual Objectivity ................................ 7 1130 – Impairments to Independence or Objectivity ............................................ 8 1200 – Proficiency and Due Professional Care ................. 8 1210 – Proficiency ................................................ 8 1220 – Due Professional Care ............................. 9 1230 – Continuing Professional Development ........................................... 10 1300 – Quality Assurance and Improvement Program ................................................................ 11 1310 – Quality Program Assessments ................ 11 1311 – Internal Assessments .............................. 11 1312 – External Assessments ............................. 11 1320 – Reporting on the Quality Program .......... 11 1330 – Use of “Conducted in Accordance with the Standards” ............................... 12 1340 – Disclosure of Noncompliance ................. 12

iv The Professional Practices Framework

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Performance Standards ................................................... 13 2000 – Managing the Internal Audit Activity .................... 13 2010 – Planning...
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