The Institute of Internal Auditors’ Core Principles for the Professional Practice of Internal Auditing, taken as a whole, characterize the effectiveness of the internal audit activity. The IIA has now released a new practice guide to help internal auditors further apply the principles in their work as auditors.
According to the IIA, the practice guide explains how conforming with the Mandatory Guidance of the IPPF supports the realization of the broader, more encompassing Core Principles.
According to the IIA, The guidance will enable CAEs and internal auditors to:
- Understand how the Core Principles link to the work of internal audit, developing and improving work deliverables.
- Explore measurable criteria for assessing achievement of Core Principles in the context of the IPPF.
- Improve communications with stakeholders by using practical and easy-to-understand examples that resonate.
- Realize potential consequences of failure to achieve Core Principle behaviors.
While the new practice guide has been well received, at least one commentator says it is not without its flaws. In an article on the new practice guide in CMS Wire, risk and audit expert Norman Marks argued that the guide misses on some marks.”What is not said clearly is that internal auditors need to be brave — but not foolhardy. They need to find a way to communicate the fact that the emperor has no clothes without getting their head chopped off,” wrote Marks.
“My main objection is that the Key Indicators omit the most significant factor: whether management and the rest of the organization believe in the integrity and objectivity of the internal auditors. Is IA able to set aside their biases whether favorable or adverse? Are they constructive in their advice, rather than confrontational?” Marks asks.
The guide is available for download to IIA members. 