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  • Essay / International Professional Practice Framework for...

    Since the framework serves as a compass to guide internal auditors, it was important to add a mission statement to articulate the overall objective of internal auditing. The mission statement requires internal auditors to provide assurance to stakeholders by performing a thorough and thorough analysis of the evidence collected. The mission statement also requires internal auditors to provide insight through advice to business stakeholders. For example, these points in the mission statement prevent an internal auditor or the management of a company from preventing the disclosure of the collected information and the result of the internal audit to stakeholders and the company. Adding the Fundamentals to the IPPF helps society and stakeholders in two ways. Having the fundamentals clearly stated helps keep internal auditors in check by providing them with a set of “rules” for how they should be and what they should value. Including the Core Principles in the IPPF also gives stakeholders and society a set of “rules” that they know they can require their internal auditors to comply with. Stakeholders and company members know that it is mandatory for their internal auditor to promote organizational improvement and they can rely on an internal auditor who follows the framework to do so. Restructuring changes to the recommended portion of the IPPF have expanded the category. Reducing the scope of the recommended category allows the creators of the IPPF to add to the framework any necessary external information that will advance the professionalism of internal audit practice, which would not have been the case previously.