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18 Cards in this Set
- Front
- Back
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What does IPPF stand for? |
International Professional Practices Framework
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What does IPPF contain?
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- mandatory guidance
- strongly recommended guidance |
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What does the mandatory guidance consist of?
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- definition of IA
- code of ethics - the standards |
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What is the definition of IA?
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- independent, objective assurance and consulting activity |
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What is the purpose of the Standards?
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- basic principles of IA
- framework for value-added IA - basis for IA performance evaluation - to improve processes and operations |
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What are the Standards comprised of?
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- attribute standards
- performance standards - implementation standards |
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What do the attribute standards govern?
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internal auditor's
- responsibilities - attitude - actions |
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What do the performance standards provide?
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criteria for evaluating IA performance
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What requirements do the implementation standards describe?
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requirements of assurance and consulting engagements
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What are the three elements of the strongly recommended guidance?
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- position papers
- practice advisories - practice guides |
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What is the IA activity's purpose?
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- independent, objective assurance and consulting services
- add value and improve operations - help to accomplish objectives - evaluate and improve the effectiveness of governance, risk management and control processes |
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What is an IA charter needed for ?
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for the definition of IA activity's
- purpose - authority - responsibility |
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What is the IA activity's responsibility?
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- to provide assurance and consulting services
- to add value and improve operations - to evaluate and improve effectiveness of governance, risk management, and control processes |
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What must organizations comply with?
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- federal laws
- racketeer influenced and corrupt organizations act - foreign corrupt practices act - sarbanes-oxley act - control frameworks |
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Compliance with which federal laws must IA usually evaluate?
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- discharge of pollutants
- workplace safety rules |
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Which provisions does the foreign corrupt practices act contain?
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- maintenance of an system of internal accounting control
- no corrupt payments to any foreign third party |
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Which specific governance practices does SOX impose on issuers of publicly traded securities with regard to its audit committee?
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- each member must be an independent member of the board of directors
- at least one financial expert with the committee - audit committee appoints, compensates and oversees auditors' work - auditor reports directly to audit committee, not to management |
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What are regular meetings between staff and the CAE good for?
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- explaining administrative policies
- obtaining suggestions |
