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Flashcards in International Professional Practices Deck (7)
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1
Q

What is the IIA

A

Institute of Internal Auditors - Sets standards with respect to internal auditing

2
Q

What is the IPPF and what two broad guidance categories does it consist of?

A

International Professional Practices Framework

1) Mandatory
2) Strongly Recommended

3
Q

What 4 elements does mandatory guidance consist of?

A

1) Definition of internal audit
2) Core principles for the practice of internal audit
3) Code of ethics
- 4 principles “core values”
A) Integrity
B) Objectivity
C) Confidentiality
D) Competency

4) Standards

4
Q

What 2 elements does non-mandatory (strongly recommended) guidance consist of?

A

1) Implementation guidance

2) Supplemental guidance

5
Q

What are the 2 categories of “Standards” - Mandatory Guidance

A

Attribute Standards

Performance Standards

6
Q

Attribute Standards - IIIA

A

Standards presented as “Statements” organized around 4 themes:

1) Purpose, Authority, and Responsibility (1000)
2) Independence and Objectivity (1100)
3) Proficiency and Due Professional Care (1200)
4) Quality Assurance and Improvement Program (1300)

7
Q

Purpose, Authority, and Responsibility (Standard 1000)

A

Must be defined in an internal audit charter. Chief audit executive must periodically review internal audit charter and present it to senior management and board for approval

A)Implementation Standards - Nature of assurance services must be defined in charter
Nature of consulting services must be defined in charter

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