The International Professional Practices Framework (IPPF) is a framework for professional practice. An IPPF Standard is a set of statements found in the IPPF Core Competency Booklet that describe what a professional with a particular title or role should know and be able to do. The individual statements are called ‘competencies’ and they help professionals understand the expectations, roles and responsibilities associated with their title/role.
IPPF Standards are designed to help professions achieve greater clarity and consistency in their work, enhance professionalism, facilitate credentialing, compliance with governmental regulations and licensure requirements, determine compensation for professional services, provide a framework for continuing education to maintain competency, develop licensing exams and assist regulatory boards with setting standards of practice in defined areas.
What are the six components of IPPF?
The six components of the International Professional Practices Framework are defined as follows:
1. Values & Ethical Principles
2. Competency Areas, Titles and Scope of Practice
3. Performance Standards
4. Learning Activities
5. Code of Ethics
6. Code of Conduct
What is IPPF in internal audit?
IPPF Standards provide the foundation of the International Internal Audit Standard, which was created through a close partnership between IIA’s Member Committees and IPPF’s Board of Trustees. The International Internal Audit Standard is designed to help internal auditors throughout the world enhance their skills, contribute to standards for internal audit practice, manage professional conduct and find common ground in the services they provide to their organizations.
The International Internal Audit Standard has three components: a set of 12 principles that provides guidance for professional practice, a common core, and a foundation level certification program.
The common core establishes minimum competency requirements for internal auditors as well as industry-relevant knowledge areas.
The foundation level certification requires candidates to pass an examination demonstrating that they have successfully mastered the competency and knowledge requirements of the common core and must be renewed every five years.
The 12 principles reflect a set of values and ethical principles that guide all members of IIA in their professional work. They were developed with significant input from current practitioners to ensure they reflect real-world expectations and guidance while providing IIA with a set of aspirational, enduring principles that guide internal auditors around the world.
What is the Red Book audit?
The red book audit refers to an International Standards for Auditing (ISA) standards and guidance on auditing standards published in May 2001. The Red Book also is referred to as ISA 450, which defines requirements for an audit of financial statements.
The ISA Red Book is a document designed to provide assurance over information that will be used by those with decision-making responsibility. It is a document that is evolving and one that many practitioners use in a flexible way, interpreting the standards in accordance with local practice and guidance from professional bodies.
What are examples of IPPF professions?
IPPF core competency areas include: Accounting & Finance, Education, Human Resources Management, Information Technology, Legal, Management, Marketing & Sales, Operations, Public Sector Management and Taxation.
In conclusion on professional practices framework ippf
In conclusion, IPPF Standards are a set of competencies that help professionals understand the expectations, roles and responsibilities associated with their title/role. They also help professions achieve greater clarity and consistency in their work, enhance professionalism, facilitate credentialing, compliance with governmental regulations and licensure requirements, determine compensation for professional services, provide a framework for continuing education to maintain competency, develop licensing exams and assist regulatory boards with setting standards of practice in defined areas.
Caveats, disclaimers & IPPF standards
At ESG | The Report, we believe that we can help make the world a more sustainable place through the power of education. We have covered many topics in this article and want to be clear that any reference to, or mention of conceptual framework, describes practices, stakeholder input, guidance setting body, internal audit articulates, internal audit aspires, governance processes or risk management in the context of this article is purely for informational purposes and not to be misconstrued as investment or any other legal advice or an endorsement of any particular company or service. Neither ESG | The Report, it’s contributors or their respective companies or any of its members gives any warranty with respect to the information herein, and shall have no responsibility for any decisions made, or action taken or not taken which relates to matters covered by ESG | The Report. As with any investment, we highly recommend that you get a financial advisor or investment adviser, do your homework in advance of making any moves in the stock market. Thank you for reading, and we hope that you found this article useful in your quest to understand ESG and sustainable business practices. We look forward to living together in a sustainable world with you.