Guidance and Resources

​Standards & Guidance — International Professional Practices Framework (IPPF)®

International Professional Practices Framework (IPPF) The International Professional Practices Framework (IPPF) is the conceptual framework that organizes authoritative guidance promulgated by The Institute of Internal Auditors. A trustworthy, global, guidance-setting body, The IIA provides internal audit professionals worldwide with authoritative guidance organized in the IPPF as mandatory guidance and ​recommended guidance.


Practice Guide: Auditing Market Risk in Financial Institutions

Practice Guide: Auditing Market Risk in Financial Institutions

Market risk has always been considered a key risk for financial services organizations. Regulators and supervisors are focused on this risk, emphasizing the need for accurate models that can measure the capital impact of market activities on the financial viability of the institution.

These requirements and supervisors’ expanded expectations are giving internal audit a more relevant and active role in the assessment of market risk.

This guidance will enable internal auditors to understand:

  • The importance of market risk in a financial services context.
  • The regulatory environment and requirements related to market risk.
  • The risk governance and risk management processes surrounding market risk.
  • How to articulate the key components of market risk, including interest rate risk, equity risk, and foreign exchange risk.
  • How to apply the IPPF and risk-based internal audit techniques to assess and audit market risk in their organizations.

Members download.

Nonmembers may purchase Supplemental Guidance by visiting the IIA Bookstore.

Standards for auditing establish the general specifications that define the essential attributes required for a quality audit. They include the characteristics that should be met in planning, conducting, and reporting an audit, providing a basis for ensuring audit quality.

The IIA and the Government Accountability Office (GAO) are both recognized nationally and internationally as leaders in promoting high-quality audit work.  Respectively, these organizations have promulgated the International Professional Practices Framework (IPPF) and Generally Accepted Government Auditing Standards, the two most commonly used sets of standards for public sector auditing in the United States. References to these standards are available below.

The PSAC is committed to providing members with the latest, most relevant guidance and resources for auditors in the public sector and many other resources are consolidated for quick access below.

International Professional Practices Framework (IPPF)

The IPPF is the conceptual framework that organizes authoritative guidance promulgated by The IIA. A trustworthy, global, guidance-setting body, The IIA provides internal audit professionals worldwide with authoritative guidance organized in the IPPF as mandatory guidance and recommended guidance.

​Public Sector Practice Guides
​Assessing Organizational Governance in the Public Sector
​Auditing Grants in the Public Sector
​Creating an Internal Audit Competency Process for the Public Sector
​Unique Aspects of Internal Auditing in the Public Sector
​Assessing Organizational Governance in the Public Sector

Generally Accepted Government Auditing Standards (GAGAS)

From the GAO, GAGAS — often referred to as Yellow Book — provides a framework for conducting high-quality audits with competence, integrity, objectivity, and independence.

IPPF/GAGAS Comparison

The IIA has developed a guide that compares and contrasts these two guiding documents: IIA International Standards for the Professional Practice of Internal Auditing / Government Accountability Office / Government Audit Standards (GAGAS), A Comparison, 2nd Edition). ​Called the Red/Yellow book, it identifies the  differences between the two and offers suggestions for organizations that follow both.

Other Standards That May Apply to Government Audit Organizations

There are other sets of standards set by internationally-based organizations that may apply to public sector auditors in the United States. These include the International Standards of Supreme Audit Institutions (ISSAIs) set by the International Organisation of Supreme Audit Institutions (INTOSAI) and the International Standards on Auditing (ISA) set by the International Auditing and Assurance Standards Board (IAASB) under the authority of the International Federation of Accountants (IFAC).

Tools
NEW! Governance Toolkit
NEW! Internal Audit Assessment Tool
NEW! Cybersecurity Toolkit
NEW! Audit Report Toolkit
NEW! Considerations for Reliance
NEW! Determining Risk Owners
NEW! Establishing Objectives and Scope
NEW! Execute a Risk Assessment
NEW! Impact and Likelihood Scales
NEW! Mapping Process Flows

Signature Studies
NEW! OnRisk 2021: A Guide to Understanding, Aligning and Optimizing Risk
NEW! 2020 American Corporate Governance Index

 

 

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