Comprises the official definition of internal auditing, the International Standards for the Professional Practice of Internal Auditing, the Code of Ethics, Practice Advisories, and development and practice aids. 

Consists of five general and four broad attribute standards and seven broad performance standards, most containing more specific standards and implementation standards.

describe the defining characteristics of organizations, as well as the individuals performing internal audit services (1).

describe the nature of internal audit services and provide quality criteria against which the performance of these services can be measure (2).

contains principles relevant to the profession and practice of internal auditior and Rules of Conduct that describe behavior expected of internal auditors.

Internal auditors should posses the knowledge, skills, and other competencies needed to perform their individual responsibilities.  The internal audit activity collectively should possess or obtain the knowledge, skills, and other competencies needed to perform its responsibilities. 

the subsidiary, business unit, department, group, or other established subdivision of an organization that is the subject of an assurance engagement.

 An objective examination of evidence for the purpose of providing an independent assessment on risk management, control, or governance processes for the organization.

Advisory and related client service activities, the nature and scope of which are agreed with the client and which are intended to add value and improve an organization’s governance, risk management, and control processes without the internal auditor assuming management responsibility. 

establishes trust and provide the basis for reliance on IA’s judgment.

allows IAs make a balance assessment of all the relevant circumstances and are not unduly influenced by their own interests or by others in forming judgments.

requires IAs respect the value and ownership of information they receive and not disclose information they receive without proper authority unless there is a legal or professional obligation to do so.

makes IAs apply the knowledge, skills and experience needed in the performance of IA services. 

The freedom from conditions that threaten objectivity or the appearance of objectivity.  Such threats to objectivity must be managed at the individual auditor, engagement, functional, and organizational levels.

Providing reasonable assurance that the internal audit function carries out its responsibilities to management, the audit committee, and the organization as a whole. 

describe the nature of internal audit services and the criteria against which the performance of these services can be assessed.

An internal audit assignment, task, or review activity, such as an internal audit assurance service, consulting service, control self assessment review, fraud examination, or compliance examination. An engagement may include multiple tasks or activities designed to accomplish a specific set of related objectives.

The portion of inherent risk that remains after management executes its risk responses (sometimes referred to as net risk).

An international standard-setting body composed of representatives from various national standard bodies.

Standards for financial audits issued by the Comptroller General of the United States through the U.S. Government Accountability Office.