The International Standards for the Professional Practice of Internal Auditing (Standards) provides guidance for the conduct of internal auditing at both the organizational and individual auditor levels.
The purpose of the Standards are to:
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Delineate basic principles that represent the practice of internal auditing as it should be.
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Provide a framework for performing and promoting a broad range of value-added internal audit activities.
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Establish the basis for the evaluation of internal audit performance.
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Foster improved organizational processes and operations.
In April 2007, The Boston College Internal Audit Department completed a quality assurance peer review. As a result, Boston College Internal Audit fully complies with the Institute of Internal Auditors (IIA) International Standards for the Professional Practice of Internal Auditing. Compliance means that policies, procedures, and practices are in place to implement the Standards and requirements necessary to ensure the independence, objectivity, and proficiency of the internal audit function. Assessments are conducted at least once every five years by a qualified, independent reviewer or review team from outside the organization.
The Standards define the following areas:
Purpose, Authority, and Responsibility
The purpose, authority, and responsibility of the internal audit activity is formally defined in a charter, consistent with the Standards, and approved by the board.
The internal audit activity is independent, and internal auditors are objective in performing their work.
Proficiency and Due Professional Care
Engagements are performed with proficiency and due professional care. Internal auditors possess the knowledge, skills, and other competencies needed to perform their individual responsibilities. Internal auditors enhance their knowledge, skills, and other competencies through continuing professional development.
Quality Assurance and Improvement Program
Internal Audit has developed and maintains a quality assurance and improvement program that covers all aspects of internal audit activity and continuously monitors its effectiveness.
Managing the Internal Audit Activity
The internal audit activity is effectively managed to ensure it adds value to the organization. Internal Audit has established risk-based plans to determine the priorities of the internal audit activity, consistent with
Nature of Work
The internal audit activity evaluates and contributes to the improvement of risk management, control, and governance processes using a systematic and disciplined approach.
Performing the Engagement
Internal auditors identify, analyze, evaluate, and record sufficient information to achieve the engagement's objectives.
Communicating Results
Communications include the engagement's objectives and scope as well as applicable conclusions, recommendations, and action plans.
Monitoring Progress
Internal Audit has established and maintain a system to monitor the disposition of results communicated to management.
Resolution of Management's Acceptance of Risks
If Internal Audit believes that management has accepted a level of residual risk that may be unacceptable to the organization, the matter is discussed with senior management.