Question

What are the six components of the IPPF? Which components constitute mandatory guidance? Which components constitute recommended guidance?

a. The six components are: Code of Ethics, International Standards for the Professional Practice of Internal Auditing, Definition of Internal Auditing, International Code of Professional Conduct, International Ethics Standards Board for Accountants, and Mandatory Guidance.
b. The six components are: Code of Ethics, International Standards for the Professional Practice of Internal Auditing, Definition of Internal Auditing, International Code of Professional Conduct, International Ethics Standards Board for Accountants, and Recommended Guidance.
c. The six components are: Code of Ethics, International Standards for the Professional Practice of Internal Auditing, Definition of Internal Auditing, International Code of Professional Conduct, International Ethics Standards Board for Accountants, and Supplemental Guidance.
d. The six components are: International Standards for the Professional Practice of Internal Auditing, Definition of Internal Auditing, International Code of Professional Conduct, International Ethics Standards Board for Accountants, Mandatory Guidance, and Recommended Guidance.

Answer 1

The six components of the IPPF are the Code of Ethics, International Standards for the Professional Practice of Internal Auditing, Definition of Internal Auditing, International Code of Professional Conduct, International Ethics Standards Board for Accountants, and Mandatory Guidance.

Step-by-step explanation:

The six components of the IPPF (International Professional Practices Framework) are:

1. Code of Ethics: This component provides guidance on the ethical principles and expectations for internal auditors.
2. International Standards for the Professional Practice of Internal Auditing (Standards): These are a set of principles and requirements that internal auditors must follow in conducting their work.
3. Definition of Internal Auditing: This component defines the nature and purpose of internal auditing, along with its scope and responsibilities.
4. International Code of Professional Conduct: This code provides additional guidance on the behaviors and conduct expected of internal auditors.
5. International Ethics Standards Board for Accountants (IESBA): This board is responsible for setting ethical standards for accountants worldwide.
6. Mandatory Guidance: This is guidance that internal auditors are required to follow, including the Code of Ethics and the International Standards for the Professional Practice of Internal Auditing.

The components that constitute mandatory guidance are the Code of Ethics and the International Standards for the Professional Practice of Internal Auditing. The remaining components constitute recommended guidance.