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.

Learning Objectives
  • Explore and evaluate Domain III – Governing the IA Function.
  • Discover and 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.
Last updated/reviewed: May 10, 2024
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Global Internal Audit Standards Domain III - Part 2: Principle 85:18
  Domain III8:22
  Principle 8 Overseen by the Board7:58
  Standard 8.1 Board Interaction24:24
  Standard 8.2 Resources10:52
  Standard 8.4 External Quality Assessment22:42
  Summary6:00
CONTINUOUS PLAY
  Global Internal Audit Standards Domain III - Part 2: Principle 8 Overseen by the Board1:25:36
SUPPORTING MATERIAL
  Slides: Global Internal Audit Standards Domain III - Part 2: Principle 8 Overseen by the BoardPDF
  Global Internal Audit Standards Domain III - Part 2: Principle 8 Overseen by the Board Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam