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Wiley CIAexcel Exam Review 2014 Focus Notes: Part 1, Internal Audit Basics by S. Rao Vallabhaneni

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Domain 1

Focus on: Mandatory Guidance (35–45%)

DEFINITION OF INTERNAL AUDITING

The globally accepted definition of internal auditing states the fundamental purpose, nature, and scope of internal auditing:

Internal auditing is 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.

INTERNATIONAL STANDARDS

Internal auditing is conducted in diverse legal and cultural environments; within organizations that vary in purpose, size, complexity, and structure; and by persons within or outside the organization. While differences may affect the practice of internal auditing in each environment, conformance with The Institute of Internal Auditors’ International Standards for the Professional Practice of Internal Auditing (Standards) is essential in meeting the responsibilities of internal auditors and the internal audit activity. These standards are drawn from the International Professional Practice Framework (IPPF).

If internal auditors or the internal audit activity are prohibited by law or regulation from conformance with certain parts of the Standards, conformance with all other parts of the Standards and appropriate disclosures are needed.

If the Standards are used in conjunction with standards issued by other authoritative bodies, ...

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