Global Internal Audit Standards - Domain III Part 2

Field: Auditing | Delivery Method: Self Study | CPE Hours: 2.0

This segment is dedicated to Domain III Principle 8 – Overseen by the Board. Domain III is the Domain that speaks to Governing the internal audit function. Within this segment that covers Principle 8, we delve into the four standards under principle 8.

  • Examine Standard 8.1 – Board Interactions
  • Examine Standard 8.2 – Resources
  • Examine Standard 8.3 – Quality
  • Examine Standard 8.4 – External Quality Assessments


The new Standards emphasize that quality performance requires conformance to the Standards. Each standard within Domain III specifically identifies the responsibilities of the CAE and the board, as well as joint responsibilities.

The new Global Internal Audit Standards were released on January 9, 2024, and will become effective January 9, 2025. The previous version, the International Standards for the Professional Practice of Internal Auditing, released in 2017, remains approved for use during a one-year transition period. The Global Internal Audit Standards guide the worldwide professional practice of internal audit. They serve as a basis for evaluating and elevating the quality of the internal audit function. The Standards use 15 guiding principles with five separate Domains that enable effective internal audit implementation and examples of evidence of conformance.
The Global Standards are organized into five domains.
  • Domain I: Purpose of Internal Auditing
  • Doman II: Ethics and Professionalism.
  • Domain III: Governing the Internal Audit Function
  • Domain IV: Managing the Internal Audit Function
  • Domain V: Performing Internal Audit Service

Domain I and the first two principle of Domain II were reviewed in our segment on Domain I and II Part 1

Domain One – Purpose of Internal Auditing
Domain Two – Ethics and Professionalism
Principle One – Demonstrate Integrity
  • Standard 1.1 Honesty and professional courage
  • Standard 1.2 Organizations’ Ethical Expectations
  • Standard 1.3 Legal and Ethical Behavior

Principle Two – Maintain Objectivity
  • Standard 2.1 Individual objectivity
  • Standard 2.2 Safeguarding objectivity
  • Standard 2.3 Disclosing Impairments to objectivity

The next segment covered Part 2 of Domain II and reviewed the remaining principles and standards in that Domain.

Principle Three – Demonstrate Competency
  • Standard 3.1 Competency
  • Standard 3.2 Continuing professional development.
Principle Four – Exercise Due Professional Care
  • Standard 4.1 Conformance with Global IIA Standards
  • Standard 4.2 Due Professional Care
  • Standard 4.3 Professional Skepticism
Principle Five – Maintain Confidentiality
  • Standard 5.1 Use of Information
  • Standard 5.2 Protection of Information

The first segment of Domain III covered the first two principles within the Domain.
  • Principle 6 - Authorized by the Board
  • Principle 7 – Positioned Independently

This is part 2 of Domain III which will focus on Principle 8.

Lesson objectives for this course are as follows.
Lesson Objectives:
  • Evaluate Domain III – Governing the IA Function
  • Examine Principle 8 – Overseen by the Board
    • Examine Standard 8.1 – Board Interactions
    • Examine Standard 8.2 – Resources
    • Examine Standard 8.3 – Quality
    • Examine Standard 8.4 – External Quality Assessments


Field: Auditing
Delivery Method: Self-Study
CPE: 2.0
Format: Video


Your Instructor


Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive

Business Consultant, Trainer, Author


Ms. Fountain has over 40 years of experience spanning public accounting, industry accounting and consulting. Sixteen years of that experience has been in the field of internal audit, risk managment and process improvement. She is well adept to assist your organization evaluate business strategy, perform risk assessments, establish a Sarbanes-Oxley process, synergizing internal audit processes or perform process improvement projects.


As a past corporate executive Lynn has a passion for working with professionals to enhance their processes and provide leading edge education. She has authored and delivered hundreds of training courses for accounting, finance and audit professionals. Her training is filled with not just theory but real world application.


Ms. Fountain has authored three technical publications:

-Leading the Internal Audit Function 

-Raise the Red Flag

-Ethics and the Internal Auditor's political dilemma


Lynn is a recognized leader in the internal audit profession as well as a recognized business professional.  


Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has active, current CPA, CGMA, and CRMA credentials.


https://www.lynnfountain.net/


Course Curriculum


  Global Internal Audit Standards Domain III – Part 2 - Segment 1
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  Global Internal Audit Standards Domain III – Part 2 - Segment 2
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  Global Internal Audit Standards Domain III – Part 2 - Segment 3
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  Global Internal Audit Standards Domain III – Part 2 - Power Point and Glossary
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