Seminar in Accounting, Chapter 2: " The International Professional Practices Framework: Authoritative Guidance for the Internal Audit Profession" flash cards -

Mission of Internal Audit

(2.4) “To enhance and protect organizational value by providing risk-based assurance, advice, and insight.” This statement is what internal audit seeks to achieve for the organizations they serve.

Definition of Internal Auditing

(2.4) “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s objectives. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.”

Rules of Conduct

(2.4) Behavioral norms that internal auditors should follow to put the principles in the Code of Ethics to practice.

Independence

(2.4) The freedom from conditions that threaten the ability of the internal audit function to carry out internal audit responsibilities free from interference.

Objectivity

(2.4) An unbiased mental attitude.

Proficiency

(2.4) The knowledge, skills, and other competencies needed to fulfill internal audit responsibilities.

Due Professional Care

(2.4) The care and skill expected of a reasonably prudent and competent internal auditor.

Quality Assurance

(2.4) A program that instills confidence that the product or service possesses the essential features and characteristics it is intended to have.

Supplemental Guidance

(2.5) Additional guidance for conducting internal audit activities.