Chapter 2

Question 2

What significant change occurred in the composition of the IPPF?

Answer 2

The composition of the IPPF was revised in 2015.

IPPF stands for International Professional Practices Framework.

Question 3

What was emphasized in the fourth King Report on Corporate Governance issued in 2016?

Answer 3

The role and responsibilities of an effective risk-based internal audit activity.

This report was issued by the Institute of Directors in South Africa.

Question 4

What types of professionals are members of the Institute of Internal Auditors (IIA)?

Answer 4

Members include engineers, doctors, architects, accountants, manufacturers, and more.

The IIA has nearly 200,000 members in over 165 countries.

Question 5

What is the motto of the IIA?

Answer 5

“Progress through sharing”.

This motto reflects the IIA’s commitment to encouraging members to enhance professionalism.

Question 6

What type of events does the IIA encourage its members to attend?

Answer 6

Seminars, conferences, and continuous professional education (CPE) events.

These events allow members to share ideas and enhance their skills.

Question 7

What role does the IIA play in the global internal auditing profession?

Answer 7

The IIA is the world leader in internal auditing and acts as a direction indicator to its members.

It conducts research, presents conferences, and produces educational products.

Question 8

What is the core purpose of the IIA?

Answer 8

To lead the global profession and advance its value.

This purpose is outlined on the IIA’s global website.

Question 9

What is the vision of the internal audit profession according to the IIA?

Answer 9

Internal audit professionals will be universally recognized as indispensable to effective governance, risk management, and control.

Question 10

List the goals of the IIA from 2015-2020.

Answer 10

• Lead the profession through the development of timely and relevant knowledge
• Raise the profile and demand for the profession
• Be recognized as the leading voice for internal auditing
• Collaborate globally to expand the capacity of the profession
• Deploy financial and business models that generate sustainable value for members

Question 11

What led to the formation of local internal audit institutes in countries other than the USA?

Answer 11

The worldwide growth in the profession created a demand for local internal audit institutes.

Question 12

What is the largest region of the IIA?

Answer 12

North America is the largest region in the world.

A-SA is the second largest institute in the world.