Internal Audit
Code of Ethics
These Principles are relevant to the profession and practice of internal auditing, and the Rules of Conduct that describe behavior expected of internal auditors.
Compliance
Adherence to policies, plans, procedures, laws, regulations, contracts, or other requirements.
Consulting Services
Advisory and related client service activities, the nature and scope of which are agreed with the client, are intended to add value and improve an organization's governance, risk management, and control processes without the internal auditor assuming management responsibility.
Assurance Services
An objective examination of evidence for the purpose of providing an independent assessment on governance, risk management, and control processes for the organization. Examples may include financial, performance, compliance, system security, and due diligence engagements.
Board
An organization's governing body, including the audit committee to whom the chief audit executive may functionally report
Control
Any action taken by management, the board, and other parties to manage risk and increase the likelihood that established objectives and goals will be achieved.
Conflict of Interest
Any relationship that is, or appears to be, not in the best interest of the organization.
Consulting Services
Examples include counsel, advice, facilitation, and training
Control Environment
Integrity and ethical values- Management's philosophy and operating style- Organizational structure- Assignment of authority and responsibility- Human resource policies and practices- Competience of personnel
Add value
Internal audit activities do this to an organization/stakeholders when it provides objective and relevant assurance, and contributes to the effectiveness and efficiency of governance, risk management, and control processes.
Control
Management plans, organizes, and directs the performance of sufficient actions to provide reasonable assurance that objectives and goals will be achieved.
Adequate Control
Present if management has planned and organized in a a manner that provides reasonable assurance that the organization's risks have been managed effectily and that the organization's goals and objectives will be achieved efficiently and economically
Control Environment
The attitude and actions of the board and management regarding the importance of control within the organization.
Code of Ethics
The purpose of this is to promote an ethical culture in the global profession of internal auditing.
Chief Audit Executive
The specific job title of this person may vary across organizations
Code of Ethics
This applies to both parties and entities that provide internal audit services.
Charter
This establishes the internal audit activity's position within the organization; authorizes access to records, personnel and physical properties relevant to the performance of engagements; and defines the scope of internal audit activities.
Charter
This is a formal document that defines the internal audit activity's purpose, authority, and responsibility.
Chief Audit Executive
This person is in a senior position responsible for effectively managing the internal audit activity in accordance with the internal audit charter and the Definition of Internal Auditing, The Code of Ethics, and the Standard
Chief Audit Executive
This person or others reporting to this person will have appropriate professional certifications and qualifications.
Control Environment
This provides the discipline and structure for the achievement of the primary objectives of the system of internal control.
Conflict of Interest
This would prejudice an individual's ability to perform his or her duties and responsibilities objectively.
