Internal Audit Basics
The framework that guides internal auditors in conducting audits
What is the IPPF?
Number of core principles in the IPPF framework
What are 10 principles?
Principle that ensures internal auditors meet high standards and improve audit quality.
What is quality and continuous improvement?
The process auditors take to ensure their audit plan is relevant to their respective risks
What is conducting an annual risk assessment?
The organization that developed the framework
What is The Institute of Internal Auditors (IIA)?
The foundation principle that involves honesty and fairness
What is integrity?
The function responsible for approving the internal audit charter and budget.
What is the board or audit committee?
What is communicating with senior management?
The role of the Chief Audit Executive
The primary role of internal auditors
What is providing a standardized approach and promoting credibility, efficiency, and Improvement
Required mental attitude to be free from bias
What is objectivity?
The process internal auditors use to stay competent
What is continuous professional development?
A method auditors use to identify best practices
What is benchmarking
What helps ensure internal auditors operate with honesty, fairness, and objectivity?
Adherence to the IIA
The principle ensuring internal audit functions go beyond compliance to anticipate future risks.
Insight, Proactive, and Future-Focused
The key reporting relationship ensuring internal auditors remain independent.
What is direct reporting?
This process ensuring effective communication between auditors and stakeholders.
What is developing standardized reporting templates