Internal audit standards

Internal audit identify with certain recommended audit standards, practices and code of ethics which members have to comply with. The code of ethics guides the members on the best practices of the profession. Internal audit professional standards and code of ethics are kept and revised by Institute of Internal Auditors (The IIA).

The IIA promulgates the professional practices Framework, which consists of the following categories of guidance:

• The standard and code of Ethics
• Practice Advisories
• Position papers and practices Guides

The first category which is considered mandatory guidance consists of core materials:

• Definition of Internal Audit.
• Code of Ethics.
• International standards for the professional Practice of Internal Auditing.

Mandatory guidance is considered essential for the professional practice of internal auditing. Other elements of the framework are linked to these standards.

The Code of Ethics comprise of:
• Attribute standards
• Performance standards
• Implementation standards

While The IIA standards do not have the rule of law, the practice of internal auditing, like other professions, is based upon elements of due professional care and a ruling body that develops the standards of practice through a public exposure process. The IASB and adherence to The IIA code of Ethics inculcate these standards into internal audit professional practices.

All CIAs are required to adhere with The IIA standards. The practicing internal auditors usually look to the practice Advisories for the IIA recommendations on matters related to situations that are not covered directly. Concepts of due professional care permeate all practice activity, and violations are investigated by The IIA. Audit standards

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