1. Ancot, Allanah Narcisse AC 516B 2. Camingue, Florenz Rafael 12:00 - 3:00 TTh3. Colot, Kimberly4. Dublin, Gene Mari5. Fuentes, Abey Kaye6. Viente, Reygemae

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 value-added internal auditing.3. Establish the basis for the evaluation of internal audit performance.4. Foster improved organizational processes and operations.

AUTHORITATIVE GUIDANCE A. MANDATORY GUIDANCE1. Definition of Internal Auditing2. Code of Ethics3.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 CareEngagements should be performed with proficiency and due professional care. 1210Proficiency 1220Due Professional Care 1230Continuing Professional Development

1300Quality Assurance and Improvement ProgramThe 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 ActivityThe 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 WorkThe 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 PlanningInternal 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 EngagementInternal auditors should identify, analyze, evaluate, and record sufficient information to achieve the engagements objectives. 2310Identifying Information 2320Analysis and Evaluation 2330Recording Information 2340Engagement Supervision

2400Communicating ResultsInternal auditors should communicate the engagement results. 2410Criteria for Communicating 2420Quality of Communications 2430Engagement Disclosure of Noncompliance with the Standards

2500Monitoring ProgressThe chief audit executive should establish and maintain a system to monitor the disposition of results communicated to management.

2600Resolution of Managements Acceptance of RisksWhen 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 ETHICSThe 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/standards-guidance/Pages/Standards-and-Guidance-IPPF.aspx