IIA spells out mission and principles

A framework is updated to help internal auditors address the changing risk landscape.

Changes to professional guidance that were unveiled in July are designed to help internal auditors provide service that helps their organizations successfully navigate risks that are changing and accelerating rapidly.

The Institute of Internal Auditors (IIA) announced that its International Professional Practices Framework is changing to introduce a newly articulated mission for internal audit as well as 10 core principles for the professional practice of internal audit.

According to the newly introduced mission, internal audit aspires "to enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight."

The core principles also have been articulated for the first time, although the framework always has been principles-based. According to the update, the following principles must be present and operating effectively for an internal audit function to be considered effective:

  • Demonstrates integrity.
  • Demonstrates competence and due professional care.
  • Is objective and free from undue influence (independent).
  • Aligns with the strategies, objectives, and risks of the organization.
  • Is appropriately positioned and adequately resourced.
  • Demonstrates quality and continuous improvement.
  • Communicates effectively.
  • Provides risk-based assurance.
  • Is insightful, proactive, and future-focused.
  • Promotes organizational improvement.

Failure to achieve any of the principles would imply that an internal audit activity is not as effective as it could be in achieving internal audit's mission.

SPONSORED REPORT

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.