Reference no: EM133185032

Question - In the aftermath of the global financial crisis in 2007 and 2008, expectations have risen regarding the role of internal audit in organizational governance, particularly among financial institution regulators around the globe. The risk landscape as well as internal audit's role had evolved significantly since 1999 when the International Professional Practice Framework (IPFF) was launched. In 2013, The IIA's Global Board set up a task force to undertake a relook at the IPPF guidance framework to make sure the framework could provide the guidance to meet new expectations for the profession and enable practitioners to be courageous and forward-looking in their work.2 The current IPPF, implemented in 2015, is the result of the work of this task force. The components of the IPPF include both mandatory guidance (the Core Principles, the Code of Ethics, the Standards, and the Definition of Internal Auditing) and recommended guidance (Implementation Guidance and Supplemental Guidance). Conformance with the mandatory guidance is considered essential.

Required - Discuss the FOUR (4) main sections in the Attribute Standards of the IPPF which address the characteristics that the internal audit function and individual internal auditors must possess to perform effective assurance and consulting services.