IIA Standards and Professional Practice
Overview of the Institute of Internal Auditors Standards and Professional Practice Framework.
IIA Standards and Professional Practice
International Professional Practices Framework (IPPF)
Mandatory Guidance
Must be followed for professional practice
Core Principles:
- Demonstrates integrity
- Demonstrates competence and due professional care
- Is objective and free from undue influence
- Aligns with strategies, objectives, and risks
- Is appropriately positioned and adequately resourced
- Demonstrates quality and continuous improvement
- Communicates effectively
- Provides risk-based assurance
- Is insightful, proactive, and future-focused
- Promotes organizational improvement
Code of Ethics:
- Integrity
- Objectivity
- Confidentiality
- Competency
International Standards:
- Attribute Standards (characteristics)
- Performance Standards (activities)
- Implementation Standards (specific application)
Recommended Guidance
- Implementation Guides
- Supplemental Guidance
Attribute Standards (1000 Series)
1000 - Purpose, Authority, and Responsibility
- Internal audit charter
- Board approval
- Mandatory element recognition
1100 - Independence and Objectivity
- Organizational independence
- Individual objectivity
- Impairments to independence
1200 - Proficiency and Due Professional Care
- Knowledge, skills, experience
- Reasonable care
- Continuing professional development
1300 - Quality Assurance and Improvement Program
- Internal assessments
- External assessments (every 5 years)
- Reporting on quality program
Performance Standards (2000 Series)
2000 - Managing the Internal Audit Activity
- Planning
- Communication and approval
- Resource management
- Policies and procedures
- Coordination
- Reporting to senior management and board
2100 - Nature of Work
- Governance
- Risk management
- Control
2200 - Engagement Planning
- Planning considerations
- Objectives
- Scope
- Resource allocation
- Work program
2300 - Performing the Engagement
- Identifying information
- Analysis and evaluation
- Documenting information
- Engagement supervision
2400 - Communicating Results
- Criteria for communicating
- Quality of communications
- Errors and omissions
- Conformance with standards
2500 - Monitoring Progress
- Follow-up process
2600 - Communicating Acceptance of Risks
- Unacceptable risk levels
Quality Assessment
- Internal: Ongoing and periodic
- External: At least every 5 years
- Qualified, independent assessor