How does this impact the profession?
Domain I – Purpose of Internal Auditing
The Purpose of Internal Auditing provides a simple and concise overview of the essence of internal auditing, meant to be easily communicated to stakeholders. It could be called an “elevator pitch.” It starts with a Purpose Statement: “Internal auditing strengthens the organization’s ability to create, protect, and sustain value by providing the board and management with independent, risk-based, and objective assurance, advice, insight, and foresight.”
The Purpose Statement combines elements from the current Definition of Internal Auditing and the Mission of Internal Audit and includes a list of the benefits from internal auditing. Internal auditing enhances these aspects and abilities of the organization.
The Purpose Statement also includes a list of conditions necessary to optimize the benefits from internal auditing.
Domain II – Ethics and Professionalism
Domain II incorporates and replaces the existing Code of Ethics and what are called the “attribute standards” in the 2017 Standards — specifically objectivity, competency, and due professional care — to remove duplication.
