ABSTRACT
The International Standards for the Professional Practice of Internal Auditing provide a framework for performing internal audits. The Standards are mandatory and consist of requirements for the professional practice of internal auditing and for evaluating the effectiveness of its performance. The Core Principles set forth the guidelines to determine if an internal audit function is effective. The Code of Ethics states the principles and expectations governing the behavior of individuals and organizations that conduct internal auditing. The Standards use terms that have been given specific meanings as noted in the Glossary, which is also part of the Standards. Recommended elements of the IPPF are Implementation Guidance, which assist internal auditors in applying the Standards, and Supplemental Guidance, which provide detailed guidance for conducting internal audit activities. The Institute of internal auditors (IIA) is the standards-setter for internal auditors, providing guidance on the practice of internal auditing, the Code of Ethics, and other principles, some mandatory, others recommended.
