Internal Auditing Standards

Question 1

Code of Ethics Categories under IPPF

Answer 1

1. Integrity
2. Competence
3. Objectivity
4. Confidentiality

Question 2

Position Papers defined

Answer 2

Helps with understanding significant governance, risk, or internal control issues, and defining roles and responsibilities of internal auditing

Question 3

Practice Advisories defined

Answer 3

Address approach, methodology, and consideration, but not detailed processes and procedures. They offer guidance to assist internal auditors in applying the Code of Ethics and the Standard and to promote good practices.

Question 4

Practice Guides defined

Answer 4

Addresses detailed processes and procedures in specific circumstances.

Question 5

Attribute Standards defined

Answer 5

Basically general standards. Issues related to auditor independence, technical proficiency, and professional care are addressed here.

Question 6

Performance standards defined

Answer 6

Basically field work standards and reporting standards. Issues related to planning and supervision of the engagement and documentation of evidence of basis for conclusions are addressed here along with generic reporting requirements.

Question 7

Implementation standards defined

Answer 7

Imbedded within the attribute and reporting standards to address the requirements of implementing both assurance and consulting activities.

Question 8

4 types of attribute standards in IAS

Answer 8

1. Purpose, Authority, and Responsibility
2. Independence and Objectivity
3. Proficiency and Due Professional Care
4. Quality Assurance and Improvement Program

Question 9

7 areas of performance standards

Answer 9

1. Managing the Internal Audit Activity
2. Engagement Planning
3. Nature of work
4. Communicating Results
5. Acceptance of Risk by management
6. Monitoring Progress
7. Performing the Engagement

Question 10

Mandatory Guidance for international standards types

Answer 10

1. Definition of internal auditing
2. Code of Ethics
3. International Standards for the Professional Practice of Internal Auditing

Question 11

Endorsed and strongly recommended standard types for international auditing standards types

Answer 11

1. Position papers
2. Practice Advisories
3. Practice Guides

Question 12

Effective management of internal audit activities is characterized in part by:

Answer 12

characterized by conformity with mandatory guidance of the International Professional Practice Framework (IPPF) including engagement in activities that meet the definition of:

1. Internal auditing,
2. Conformity with International Standards, and 3. Code of Ethics adherence