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Standards for the

Professional Practice
of Internal Auditing
and Code of Ethics
Internal Auditing Standards
(IAS): are fundamentals principles
and procedures that make internal
auditing a unique, disciplined and
systematic activity.
• Delineate basic principles that represent the
practice of internal auditing as it should be.
• Establish the basis for the measurement of
internal audit performance.
• Provide a framework for performing a broad
range of value-added internal audit activities.
• Foster improved organizational process and
Attribute and Performance Standards

The Attribute Standards address the characteristics

of organizations and parties performing internal
audit activities

The Performance Standards describe the nature of

internal audit activities and provide quality criteria
against which the performance of these services
can be evaluated
Use of “Conducted in Conformance with the
International Standards for the Professional
Practice of Internal Auditing”

 Internal auditors may report that their engagements are –

conducted in conformance with the International Standards for the
Professional Practice of Internal Auditing||, only if the results of the
quality assurance and improvement program support the statement
Disseminating Results
 The chief audit executive must communicate results to the
appropriate parties. It reviews and approves the final
engagement communication before issuance and decides to
whom and how it will be disseminated.
Overall Opinions
 When an overall opinion is issued, it must take into account the
expectations of senior management, the Board, and other
stakeholders and must be supported by sufficient, reliable,
relevant, and useful information.
Monitoring Progress
 The chief audit executive must establish and maintain a system to
monitor the disposition of results communicated to management.
Resolution of Senior Management’s Acceptance of
 When the chief executive believes that senior management has
accepted a level of residual risk that may be unacceptable to the
organization, the chief audit executive must discuss the matter with
senior management.
Code of Ethics

 Promotes an ethical culture in the profession

of internal auditing.

Relevant to the
professional and
Two practice of internal
essential auditing

Rules of
Describes behavior norms
expected of internal
 Establishes trust and thus provides the basis for reliance on their
 Makes a balanced assessment of all the relevant circumstances and
are not influenced by their own interest or by others in forming
 Respects the value and ownership of information they receive and do
not disclose information without appropriate authority.
 Applies the knowledge, skills and experiences needed in the
performance of internal audit services.
Rules of Conduct
 Shall perform their work with honesty, diligence, and
 Shall observe the law and make disclosures expected by the
law and the profession
 Shall not knowingly be a party to any illegal activity, or engage
in acts that are discreditable to the profession of internal
auditing or to the organization
 Shall respect and contribute to the legitimate and ethical
objectives of the organization.
 Shall not participate in any activity or relationship that may
impair or be presumed to impair their unbiased assessment
 Shall not accept anything that may impair or be presumed to
impair their professional judgement
 Shall disclose all material facts known to them that, if now
disclosed, may distort the reporting of activities under review.

 Shall not prudent in the use and protection of information
acquired in the course of their duties.
 Shall not use information for any personal gain or in any
manner that would be contrary to law or detrimental to the
legitimate and ethical objectives of the organization.
 Shall engage only in those services for which they have the
necessary knowledge, skills, and experience.
 Shall perform internal audit services in accordance with the
International Standards for the Professional Practice of
Internal Auditing.
 Shall continually improve their proficiency and the
effectiveness and quality of their services.