International Professional Practice Framework For Internal Auditing

The purpose of internal auditing and the professionals who provide internal auditing services according to the definition created by the Institute of Internal Auditors is to provide “an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. 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.” Several guidelines and processes have been created to aid an internal auditor in providing the objective, value adding services they’re supposed to. The International Professional Practice Framework is the compass that provides internal auditors

Since the framework serves as the compass guiding the way for internal auditors it was important to add a mission statement to state the overall goal of internal auditing. The mission statement requires internal auditors to provide assurance to stakeholders by doing an in depth and thorough analysis of the evidence gathered. The mission statement also requires that internal auditors provide insight through advice to the stakeholders of the company. For example these points in the mission statement prevent an internal auditor or the management of a company from preventing the release of the information gathered and the result of the internal audit from stakeholders and society. Adding the core principles to the IPPF helps society and stakeholders in two ways. Having the core principles clearly drawn out helps to keep internal auditors in check by providing them with a set of “rules” of how they should be and what they should value. Including the core principles in the IPPF also gives stakeholders and society a set of “rules” to which they know they can hold their internal auditors up to. Stakeholders and members of society know that it is mandatory for their internal auditor to promote organizational improvement and they can rely on an internal auditor who follows the framework to be doing so. The restructuring changes made to the recommended portion of the IPPF has allowed for a broader category. Decreasing the scope of the recommended category allows for the creators of the IPPF to add any outside needed information to the framework that will progress the professionalism of the internal audit practice that previously wouldn’t have been