Managing the Internal Audit Function (40–50%)
1.1 Strategic Role of Internal Audit
The scope of the strategic role of internal audit focuses on the role of corporate code of ethics, conflicts of interest, factors influencing ethical standards, options for facilitating ethical behavior, monitoring compliance with the Code of Conduct of the Institute of Internal Auditors (IIA), fraud in financial reporting, and integrating ethical standards in complex situations.
(a) Role of Corporate Code of Ethics
Ethics is knowing what is right or wrong, proper or improper. Ethics forms basic ground rules for individuals to follow. It resides within a person and is a personal matter. Since people run businesses, personal ethics is business ethics, and vice versa. Also, ethics is indivisible or inseparable (i.e., it is the whole thing or nothing).
A person's competence, ...