Core Principles practice guidance

Audit leaders have some great tools in their armoury.

This piece explores the Demonstrating the Core Principles for the Professional Practice of Internal Auditing guidance produced by IIA global. The Core Principles were added to the International Professional Practices Framework (IPPF) in 2015.

We highlight the key points of Global’s guidance and why it is beneficial for you to read and engage with it. The Core Principles apply to all sectors and are intrinsic to the codes of practices produced by the Chartered IIA here in the UK.

Key takeaways

You need to embed the Core Principles into your internal audit activities because:

  • They personify the internal audit profession
  • Consistent application will help achieve trusted advisor status
  • They set a positive cultural tone

You will find there are significant benefits when you, your team and the profession as a whole consistently demonstrate conformance with the Core Principles.

These benefits include:

  • Greater competence in talking about the profession and value of internal audit
  • Increased credibility when you interact with people at all levels
  • Enhanced responsibility/accountabilityrom providing assurance to being a trusted advisor
  • More faith in the results and conclusions of internal audit work
  • Greater relevant of internal audit activities within an organisation
  • Demonstrable measures of success to share with stakeholders

Greater justification for the resourcing and continuance of the internal audit profession

By striving to adhere to them you will also achieve the IIA Global Mission of Internal Audit “to enhance and protect organisational value by providing risk-based and objective assurance, advice and insight” and also that of the Institute here in the UK “the primary role of internal audit should be to help the board and executive management to protect the assets, reputation and sustainability of the organisation.”

Document summary

This guidance provides practical insights for developing and maintaining…