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Internal Auditing Case Study

The document outlines the code of ethics and standards for the internal auditing profession. It discusses that the code of ethics establishes principles and expectations to govern auditor behavior and promote an ethical culture. It also describes that internal auditing provides independent and objective assurance to evaluate and improve an organization's risk management, controls, and governance processes. The standards guide adherence to framework requirements, provide a framework for value-added services, and establish basics for evaluating performance to foster improved operations.

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Trung Nguyen Nam
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134 views2 pages

Internal Auditing Case Study

The document outlines the code of ethics and standards for the internal auditing profession. It discusses that the code of ethics establishes principles and expectations to govern auditor behavior and promote an ethical culture. It also describes that internal auditing provides independent and objective assurance to evaluate and improve an organization's risk management, controls, and governance processes. The standards guide adherence to framework requirements, provide a framework for value-added services, and establish basics for evaluating performance to foster improved operations.

Uploaded by

Trung Nguyen Nam
Copyright
© © All Rights Reserved
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Download as DOCX, PDF, TXT or read online on Scribd
Download as docx, pdf, or txt
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INTERNAL AUDITING CASE STUDY

1) The code of ethics states the principles and expecyations governing the
behavior of individuals and organizations in the conduct of internal auditing. It
describes the minimum requirements for conduct, and behavioral expectations
rather than specific activities. The purpose of the institute’s code of ethics is to
promote an ethical cultures in the profession of internal auditing. Internal
auditing is an independent, objective assuarance and consulting activity
designed to add value and improve an organizations operations. It help an
organizations accomplish its objectives by bringing a systematic, disciplined
approach to evaluate and improve the effectiveness of risk management,
control, and governance process.
A code of ethics is necessary and approapriate for the profession of internal
auditing, founded as it is on the trust placed in its objective assuẩnce about
govermance, risk management, and control.
Rules of conduct:
 Integrity
Internal auditor: shall perform their work with honesty, diligence, and
responsibility. Shall observe the law and make disclosures expected by the law
and profession. Shall not knowingly be a party to any illegal activity, or engage
in acts that are discreditable to the profession of internal auditing. Shall respect
and contributes.
 Objective
Shall not participate in any activity or relationship thay may impair or be
presumed to impair their unbiased assesment. Shall not accept anything that
may impair or be presumed to impair their professionnal judment. Shall
disclose all material facts knowns to them that
 confidentility
Shall be prudent in the use and protection of information. Shall not use
information for any manner that would be contrary to the law or detrimental.
 Competency
Shall engage only in those services for which they have the necessary
knowledge, skill, and experience. Shall perform internal audit services in
accordance. Shall continually improve their proficiency and the effectiveness
and quality of their services.
Core principles for the professional practice of internal auditing:
the core principles taken as a whole, articules internal audit effectivess. For an
internal audit function to be considered effective. All principle should be
present and operating.
2) Purpose of standards is:
 Guide adherence with the mandatory elements of the internal
professional practice framework
 Provide a framework for performing and promoting a broad range of
value added internal audit services
 Establish the basic for the evaluation of internal audit performance
 Foster improve organizational processes and operations
The standards are set of principles based, mandatory requirement consisting
of
 Statement of core requirements for the professional practice of
internal auditing and for evaluation the effectiveness of performance
that are international applicable at organizations
 Interpretations clarifyting term or concerpt within the standards

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