International Professional Practices Framework

Question 1

Define implementation standards.

Answer 1

These standards differentiate the requirements specifically applicable to “assurance” activities and “consulting” activities within the Attribute Standards and the Performance Standards.

Question 2

List the three elements that constitute “Mandatory” Guidance in the Institute of Internal Auditors’ (IIA) International Professional Practices Framework.

Answer 2

Definition of Internal Auditing;
Code of Ethics;
International Standards.

Question 3

What are attribute standards?

Answer 3

These standards involve the characteristics (“attributes”) of organizations and of the individuals performing internal audit services.

Question 4

List the two basic categories of standards that comprise the International Standards for the Professional Practice of Internal Auditing

Answer 4

Attribute Standards;

Performance Standards.

Question 5

What is the distinction between “Assurance” and “Consulting” activities in internal auditing?

Answer 5

Assurance involves three parties (the process owner; the user; and the internal auditor), whereas consulting only involves two parties (the client and the internal auditor).

Question 6

What is the purpose of “Interpretations” of the International Standards?

Answer 6

Interpretations clarify the terms/concepts within the Attribute and Performance Standards (Interpretations are an integral part of the International Standards).

Question 7

List the four principles of the Institute of Internal Auditors’ (IIA) Code of Ethics (Framework for the 12 Rules of Conduct).

Answer 7

Integrity;
Objectivity;
Confidentiality;
Competency.

Question 8

What is the Institute of Internal Auditors’ (IIA) definition of internal auditing?

Answer 8

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes.

Question 9

List the three elements that constitute “Strongly Recommended” Guidance in the Institute of Internal Auditors’ (IIA) International Professional Practices Framework.

Answer 9

Position papers;
Practice advisories;
Practice guides.