Chapter 2 The Professional Practices Framework: Ethics and
Added on 2022-07-08
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Copyright: Internal Auditing: Assurance and Consulting Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland
Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.
1
Chapter 2
The Professional Practices
Framework: Ethics and
Standards of Practice
Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.
1
Chapter 2
The Professional Practices
Framework: Ethics and
Standards of Practice
Copyright: Internal Auditing: Assurance and Consulting Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland
Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.
2
Chapter 2 Learning Objectives
Understand the structure of the Professional Practices
Framework and type of guidance it provides.
Apply the professional guidance in the practice of internal
auditing.
Use the Professional Practices Framework to address issues
which arise in internal audit practice.
Understand the ethical principles and behavioral norms relevant
to the profession and practice of internal auditing.
Identify the essential characteristics of functions, organizations,
and individuals for the performance of effective internal audit
activities.
Understand the nature of internal audit activities and the criteria
against which performance of these activities can be measured.
Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.
2
Chapter 2 Learning Objectives
Understand the structure of the Professional Practices
Framework and type of guidance it provides.
Apply the professional guidance in the practice of internal
auditing.
Use the Professional Practices Framework to address issues
which arise in internal audit practice.
Understand the ethical principles and behavioral norms relevant
to the profession and practice of internal auditing.
Identify the essential characteristics of functions, organizations,
and individuals for the performance of effective internal audit
activities.
Understand the nature of internal audit activities and the criteria
against which performance of these activities can be measured.
Copyright: Internal Auditing: Assurance and Consulting Services, by The Institute of Internal Auditors Research Foundation, 247 Maitland
Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.
3
This chapter explains how authoritative guidance from The IIA
answers questions such as:
■ What do those providing internal audit services
aspire to accomplish within an organization?
■ What should the stakeholders of internal audit
services expect from internal audit professionals?
■ What makes an internal audit function successful?
■ What does it take to be a good internal auditor?
■ What are the responsibilities of the chief audit
executive (CAE)?
■ How do the board and senior management evaluate
internal audit services?
■ In sum, how does the internal audit function add
value to the organization?
Avenue, Altamonte Springs, Florida 32701-4201 U.S.A.
3
This chapter explains how authoritative guidance from The IIA
answers questions such as:
■ What do those providing internal audit services
aspire to accomplish within an organization?
■ What should the stakeholders of internal audit
services expect from internal audit professionals?
■ What makes an internal audit function successful?
■ What does it take to be a good internal auditor?
■ What are the responsibilities of the chief audit
executive (CAE)?
■ How do the board and senior management evaluate
internal audit services?
■ In sum, how does the internal audit function add
value to the organization?
The mission of internal auditing is:
The fundamental purpose of internal audit in an
organization is “to 1- enhance and protect
organizational value by 2- providing risk-based
and objective assurance, advice, and insight.”
Stakeholders of IA:
internal parties such as the organization’s board
of directors (particularly the audit committee),
senior management, financial and operating
managers, and
external parties such as investors, creditors,
regulators, suppliers, and customers. 4
The fundamental purpose of internal audit in an
organization is “to 1- enhance and protect
organizational value by 2- providing risk-based
and objective assurance, advice, and insight.”
Stakeholders of IA:
internal parties such as the organization’s board
of directors (particularly the audit committee),
senior management, financial and operating
managers, and
external parties such as investors, creditors,
regulators, suppliers, and customers. 4
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