Factsheet: The International Professional Practices Framework (IPPF)

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Factsheet: The International

Professional Practices
Framework (IPPF)
Updated 2020
Recent History
• Revised Standards implemented in 2001.
• The IPPF released in 2009.
• The IPPF is usually reviewed about every two years (2011,
2013, 2015).
• Most recently updated with effect from 1 January 2017.
Mission Statement
To enhance and protect organisational value by providing risk-
based and objective assurance, advice, and insight.
Core Principles
1. Demonstrates integrity.
2. Demonstrates competence and due professional care.
The IPPF provides a globally accepted rigorous basis for the 3. Is objective and free from undue influence (independent).
operation of an Internal Audit function. Mandatory provisions 4. Aligns with the strategies, objectives, and risks of the
are the subject of public exposure, with formal consideration organisation.
of comments received from IIA members and non-members. 5. Is appropriately positioned and adequately resourced.
The standards development process is supervised by an 6. Demonstrates quality and continuous improvement.
independent body, the IPPF Oversight Council of the IIA, which 7. Communicates effectively.
comprises persons representing stakeholders such as boards, 8. Provides risk-based assurance.
management, public and private sector auditors, regulators 9. Is insightful, proactive, and future-focused.
and government authorities, investors, international entities, 10. Promotes organisational improvement.
and IIA members.
Definition
Key features Internal auditing is an independent, objective assurance and
The mission statement reflects what the profession strives to consulting activity designed to add value and improve an
accomplish, whereas the definition focuses on what internal organisation’s operations. It helps an organisation accomplish
audit is. The Code of Ethics focuses on behaviour. Internal its objectives by bringing a systematic, disciplined approach to
auditors rely on the standards to guide the profession and evaluate and improve the effectiveness of risk management,
how the profession is practiced. Core principles highlight what control and governance processes.
effective Internal Audit looks like in practice as it relates to
the individual internal auditor, the Internal Audit function, and Code of Ethics
Internal audit outcomes. States the principles and expectations governing the be-
haviour of individuals and organisations in
Regulatory Environment the conduct of internal auditing.
Governments and regulators are increasingly mandating IPPF Describes the minimum requirements for conduct and be-
compliance as part of their laws, policies and regulations. haviour expectations – (1) Principles and (2)
Rules of Conduct.
For more information, please call +61 2 9267 9155 or visit www.iia.org.au
© 2020 - The Institute of Internal Auditors - Australia
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Code of Ethics principles are:

• Integrity.
• Objectivity.
• Confidentiality.
• Competency.
Standards
The Standards for internal auditing worldwide are the
‘International Standards for the Professional Practice of
Internal Auditing’ issued by the IIA. There are three types:
• Attribute Standards – the Internal Audit foundations.
• Performance Standards – for performing Internal Audit
work.
• Implementation Standards – expand attribute and
performance standards to prescribe specific standards
applicable to assurance and consulting engagements.
There are 11 overarching and 41 underlying attribute and per-
formance standards
Recommended Guidance
Implementation Guidance
• Implementation guides aligned to standard numbers.
• Guidance to assist internal auditors in applying the
Standards and promoting good practices.
• Addresses approach, methodology and considerations,
not detailed processes and procedures.
Supplemental Guidance
Provides Practice Guides, Global Technology Audit Guides
(GTAGs), Guides for the Assessment of IT Risk (GAITs) and
other detailed guidance for conducting Internal Audit activities.
Includes:
• Topical areas.
• Processes and procedures.
• Programs and examples.
• Tools and techniques.
• Sector-specific issues.
• Step-by-step approaches
Helpful references
IIA Global - Position Papers are issued periodically to help
readers understand significant governance, risk or
control issues as they pertain to internal audit. They are
primarily focused on the internal audit stakeholder community,
not necessarily internal auditors.
IIA-Australia - White Papers, Fact Sheets, 20 Critical Questions
series.
For more information, please call +61 2 9267 9155 or visit www.iia.org.au
© 2020 - The Institute of Internal Auditors - Australia

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