1.

Ancot, Allanah Narcisse

516B
2. Camingue, Florenz Rafael
- 3:00 TTh
3. Colot, Kimberly
4. Dublin, Gene Mari
5. Fuentes, Abey Kaye
6. Viente, Reygemae

AC
12:00

INTERNATIONAL PROFESSIONAL
PRACTICES FRAMEWORK (IPPF)
- conceptual framework that organizes
authoritative guidance promulgated by the
Institute of Internal Auditors.
- Purposes of the Standards:
1. Delineate basic principles that
represent the practice of internal
auditing.
2. Provide a framework for performing
and promoting a broad range of valueadded internal auditing.
3. Establish the basis for the evaluation
of internal audit performance.
4.
Foster
improved
organizational
processes and operations.
AUTHORITATIVE GUIDANCE
A. MANDATORY GUIDANCE
1. Definition of Internal Auditing
2. Code of Ethics
3.International Standards for the
Professional Practice of Internal
Auditing (Standards)
B. STRONGLY RECOMMENDED
GUIDANCE
1. Position Papers
2. Practice Advisories
3. Practice Guides
ATTRIBUTE STANDARDS
describe
defining
character
of
organizations and individuals performing
internal audit services.
1000 - Purpose, Authority and
Responsibility:
The
purpose,
authority,
and
responsibility of the internal audit
activity should be formally defined in
a
charter,
consistent
with
the
Standard, and approved by the Board.
1100
Independence
and
Objectivity:
The internal audit activity should be
independent, and internal auditors
should be objective in performing
their work.
1110
Organizational
Independence
1120 - Individual Objectivity
1130
Impairments
to
Independence or Objectivity

1200Proficiency
and
Due
Professional Care
Engagements should be performed
with proficiency and due professional
care.
1210Proficiency
1220Due Professional Care
1230Continuing Professional
Development
1300Quality
Assurance
and
Improvement Program
The chief audit executive should
develop and maintain a quality
assurance and improvement program
that covers all aspects of the internal
audit
activity
and
continuously
monitors its effectiveness.
1310Quality
Program
Assessments
1320Reporting
on
the
Quality Program
1330Use of Conducted in
Accordance
with
the
Standards
1340Disclosure
of
Noncompliance
PERFORMANCE STANDARDS
- describe the nature of internal audit
services and provide quality criteria
against which to measure performance,
and
the
individual
implementation
standards are used to augment the
attribute and performance standards by
helping employ them in particular types of
engagements.
2000Managing the Internal Audit
Activity
The chief audit executive should
effectively manage the internal audit
activity to ensure it adds value to the
organization.
2010Planning
2020Communication
and
Approval
2030Resource Management
2040Policies and Procedures
2050Coordination
2060Reporting to the Board
and Senior Management
2100Nature of Work
The internal audit activity should
evaluate and contribute to the
improvement of risk management,
control, and governance processes
using a systematic and disciplined
approach.

2110Risk Management
2120Control
2130Governance

2200Engagement Planning
Internal auditors should develop and
record a plan for each engagement,
including the scope, objectives,
timing and resource allocations.
2210Engagement Objectives
2220Engagement Scope
2230Engagement
Resource
Allocation
2240Engagement
Work
Program

2300Performing the Engagement

Internal auditors should identify,
analyze,
evaluate,
and
record
sufficient information to achieve the
engagements objectives.
2310Identifying Information
2320Analysis and Evaluation
2330Recording Information
2340Engagement
Supervision
2400Communicating Results
Internal auditors should communicate
the engagement results.
2410Criteria
for
Communicating
2420Quality
of
Communications
2430Engagement Disclosure
of Noncompliance with the
Standards

2500Monitoring Progress
The chief audit executive should
establish and maintain a system to
monitor the disposition of results
communicated to management.
2600Resolution of Managements
Acceptance of Risks
When the chief audit executive
believes that senior management has
accepted a level of residual risk that
may
be
unacceptable
to
the
organization,
the
chief
audit
executive should discuss the matter
with senior management.
THE IIA CODE OF ETHICS
The purpose of the Institutes Code of
Ethics is to promote an ethical culture
in the profession of internal auditing. A
code of ethics is necessary and
appropriate for the profession of
internal auditing, founded as it is on
the trust placed in its objective
assurance about risk management,
control and governance

SOURCES:
Pickett, K. H. (2005). The Essential
Handbook of
Internal Auditing.
England: John Wiley & Sons, Ltd.
Standards & Guidance - International
Professional
Practices
Framework
(IPPF). (n.d.).
Retrieved June 28, 2015,
from The Institute
of
Internal
Auditors:
http://na.theiia.org/standardsguidance/Pages/Standards-andGuidance- IPPF.aspx