51 Accounting Standards

Attribute Standards

1000 – Purpose, Authority, and Responsibility

1010 – Recognition of the Definition of Internal Auditing, the Code of Ethics, and the Standards in the Internal Audit Charter

1100 – Independence and Objectivity

1110 – Organizational Independence

1111 – Direct Interaction With the Board

1120 – Individual Objectivity

1130 – Impairment to Independence or Objectivity

1200 – Proficiency and Due Professional Care

1210 – Proficiency

1220 – Due Professional Care

1230 – Continuing Professional Development

1300 – Quality Assurance and Improvement Program

1310 – Requirements of the Quality Assurance and Improvement Program

1311 – Internal Assessments

1312 – External

1320 – Reporting on the Quality Assurance and Improvement Program

1321 – Use of "Conforms with the International Standards for the Professional Practice of Internal Auditing"

1322 – Disclosure of Nonconformance

Performance Attributes

* 2000 – Managing the Internal Audit Activity

The chief audit executive must effectively manage the internal audit activity to ensure it adds value to the organization.

Interpretation

The internal audit activity is effectively managed when:

* The results of the internal audit activity's work achieve the purpose and responsibility included in the internal audit charter;

* The internal audit activity conforms with the Definition of Internal Auditing and the Standards; and

* The individuals who are part of the internal audit activity demonstrate conformance with the Code of Ethics and the Standards.

* The internal audit activity adds value to the organization (and its stakeholders) when it provides objective and relevant assurance, and contributes to the effectiveness and efficiency of governance, risk management, and control processes.

* 2010 – Planning

The chief audit executive must establish risk-based plans to determine the priorities of the internal...