Domain II encompasses the existing Code of Ethics, some principles from the 2017 Standards, and what were previously referred to as attribute Standards covering objectivity, competency, confidentiality, and due professional care. The 13 Standards in this Domain sit under 5 principles that demonstrate integrity, maintain objectivity, highlight competency, exercise due professional care, and preserve confidentiality.
A key change with Domain II has been to elevate the concept of professional courage, something that has been implied by the Standards and advocated by CAEs and industry professionals for many years.
Domain V - Performing Internal Audit Services requires internal auditors to effectively plan engagements, conduct the engagement work to develop findings and conclusions, collaborate with management to identify recommendations and/or action plans that address the findings, and communicate with management and the employees responsible for the activity under review throughout the engagement and after it closes. Domain V also ensures practitioners understand they must conform to the Standards when providing both assurance and advisory engagements.
Learning objectives:
- Understand the relevance of the application of ethics and professionalism (Domain II) in an internal audit practitioner’s ways of working i.e., both assurance and advisory engagements (Domain II).
- Learn about the importance of the additional two key words — ‘courage’ and ‘skepticism’ — and why they are important to internal audit practitioners (Domain II).
- Discuss how the new Standards enable practitioners to plan and deliver engagements effectively (Domain V).
- Identify how the communication of the engagement results in the appropriate parties and monitor management’s progress toward the implementation of recommendations or action plans (Domain V).