Professional Standards

Question 1

The mission of Internal Auditing

Answer 1

1. Purpose
2. Goals
3. Objectives

Question 2

Authoritative Guidance

Answer 2

• Mandatory Guidance
  
  • Principles
  • Mission
  • Definition
  • Standards
• Recommended Guidance
  
  • Implementation guidance
  • Supplemental guidance

Question 3

Mandatory Guidance

Answer 3

Core principles + Definition + Code of Ethics + Standards

Question 4

Recommended Guidance

Answer 4

Implementation Guidance + Supplemental Guidance

Question 5

what is included in the new IPPF

Answer 5

1. Mission
2. Mandatory Guidance
3. Recommended Guidance

Question 6

what is the purpose of the Standards?

Answer 6

1. guide adherence with the mandatory elements of the IPPF.
2. provide a framework for performing and promoting a broad range of value-added internal auditing service
3. establish the basis for evaluation of internal audit performance.
4. foster improved org. processes and operations.

Question 7

what do the standards consist of?

Answer 7

1. Statements of core requirements for the professional practice of internal auditing and for evaluating the effectiveness of performance.
2. interpretations for clarifying terms or concepts in the Standards.

Question 8

what is required for complete conformance with the IPPF?

Answer 8

1. Conformance with the Standards
2. Conformance with the Code of Ethics

Question 9

What are the two main categories of the Standards?

Answer 9

MANDATORY GUIDANCE

1. Attribute Standards
2. Performance Standards

Question 10

Attribute Standards

Answer 10

characteristics of organizations and parties performing internal audit activities

Question 11

Performance Standards

Answer 11

describe the nature of internal audit activities and provide criteria against which performance of these services can be evaluated.

Question 12

if the Standards are used along with other requirements, what should internal audit do?

Answer 12

follow all the requirements, and in situations where there are inconsistencies between the requirements follow the more restrictive standard. set the bar high, not low.

Question 13

Implementation Guides

Answer 13

assist internal auditors in applying the Standards, and they expand on the Attribute Standards and Performance Standards.

Question 14

Supplemental Guidance

Question 15

Audit Committee responsibility over the Internal Audit function

Answer 15

the audit committee should provide oversight to the internal audit function.

Question 16

how often should the audit committee meet

Answer 16

four times a year, or enough to allow proper oversight of the internal audit function