Internal Audit

In addition to the University of Wyoming Code of Ethical Conduct, the Internal Audit Department adheres to the mandatory elements of The Institute of Internal Auditors' (IIA) International Professional Practices Framework (IPPF), which includes the Core Principles for the Professional Practice of Internal Auditing, the Code of Ethics, the International Standards for the Professional Practice of Internal Auditing (the Standards), and the Definition of Internal Auditing. 

The purpose of The Institute’s Code of Ethics is to promote an ethical culture in the profession of internal auditing. A code of ethics is necessary and appropriate for the profession of internal auditing, founded as it is on the trust placed in its objective assurance about governance, risk management, and control. The Institute’s Code of Ethics extends beyond the Definition of Internal Auditing to include two essential components:

• Principles that are relevant to the profession and practice of internal auditing.
• Rules of Conduct that describe behavior norms expected of internal auditors.

These rules are an aid to interpreting the Principles into practical applications and are intended to guide the ethical conduct of internal auditors

This Code of Ethics applies to both entities and individuals that perform internal audit services. For IIA members and recipients of or candidates for IIA professional certifications, breaches of the Code of Ethics will be evaluated and administered according to The Institute’s Bylaws and Administrative Directives. The fact that a particular conduct is not mentioned in the Rules of Conduct does not prevent it from being unacceptable or discreditable, and therefore, the member, certification holder, or candidate can be liable for disciplinary action.

Internal auditors are expected to apply and uphold the following principles:

1. Integrity The integrity of internal auditors establishes trust and thus provides the basis for reliance on their judgment.
2. Objectivity Internal auditors exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined. Internal auditors make a balanced assessment of all the relevant circumstances and are not unduly influenced by their own interests or by others in forming judgments.
3. Confidentiality Internal auditors respect the value and ownership of information they receive and do not disclose information without appropriate authority unless there is a legal or professional obligation to do so.
4. Competency Internal auditors apply the knowledge, skills, and experience needed in the performance of internal audit services.

1.-Integrity

Internal auditors:

1.1- Shall perform their work with honesty, diligence, and responsibility.

1.2- Shall observe the law and make disclosures expected by the law and the profession.

1.3- Shall not knowingly be a party to any illegal activity or engage in acts that are discreditable to the profession of internal auditing or to the organization.

1.4- Shall respect and contribute to the legitimate and ethical objectives of the organization.

2.-Objectivity

Internal auditors:

2.1- Shall not participate in any activity or relationship that may impair, or be presumed to impair their unbiased assessment. This participation includes those activities or relationships that may be in conflict with the interests of the organization.

2.2- Shall not accept anything that may impair, or be presumed to impair their professional judgment.

2.3- Shall disclose all material facts known to them that, if not disclosed, may distort the reporting of activities under review.

3.-Confidentiality

Internal auditors:

3.1- Shall be prudent in the use and protection of information acquired in the course of their duties.

3.2- Shall not use information for any personal gain or in any manner that would be contrary to the law or detrimental to the legitimate and ethical objectives of the organization.

4.-Competency

Internal auditors:

4.1- Shall engage only in those services for which they have the necessary knowledge, skills, and experience.

4.2- Shall perform internal audit services in accordance with the International Standards for the Professional Practice of Internal Auditing.

4.3- Shall continually improve their proficiency and the effectiveness and quality of their service.