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Code of Ethics by The Institute of Internal Auditors
 
PURPOSE: A distinguishing mark of a profession is acceptance by its members of responsibility to the interests of those it serves. Members of The Institute of Internal Auditors (Members) and Certified Internal Auditors (CIAs) must maintain high standards of conduct in order to effectively discharge this responsibility. The Institute of Internal Auditors (Institute) adopts this Code of Ethics for Members and CIAs.

APPLICABILITY: This Code of Ethics is applicable to all Members and CIAs. Membership in The Institute and acceptance of the "Certified Internal Auditor" designation are voluntary actions. By acceptance, Members and CIAs assume an obligation of self-discipline above and beyond the requirements of laws and regulations.

The standards of conduct set forth in this Code of Ethics provide basic principles in the practice of internal auditing. Members and CIAs should realize that their individual judgment is required in the application of these principles.

CIAs shall use the "Certified Internal Auditor" designation with discretion and in a dignified manner, fully aware of what the designation denotes. The designation shall also be used in a manner consistent with all statutory requirements.

Members who are judged by the Board of Directors of The Institute to be in violation of the standards of conduct of the Code of Ethics shall be subject to forfeiture of their membership in The Institute. CIAs who are similarly judged also shall be subject to forfeiture of the "Certified Internal Auditor" designation.

Standards of conduct:

Members and CIAs shall exercise honesty, objectivity, and diligence in the performance of their duties and responsibilities.

Members and CIAs shall exhibit loyalty in all matters pertaining to the affairs of their organization or to whomever they may be rendering a service. However, Members and CIAs shall not knowingly be a party to any illegal or improper activity.

Members and CIAs shall not knowingly engage in acts or activities which are discreditable to the profession of internal auditing or to their organization.

Members and CIAs shall refrain from entering into any activity which may be in conflict with the interest of their organization or which would prejudice their ability to carry out objectively their duties and responsibilities.

Members and CIAs shall not accept anything of value from an employee, client, customer, supplier, or business associate of their organization which would impair or be presumed to impair their professional judgment.

Members and CIAs shall undertake only those services which they can reasonably expect to complete with professional competence.

Members and CIAs shall adopt suitable means to comply with the Standards for the Professional Practice of Internal Auditing.

Members and CIAs shall be prudent in the use of information acquired in the course of their duties. They shall not use confidential information for any personal gain nor in any manner which would be contrary to law or detrimental to the welfare of their organization.

Members and CIAs, when reporting on the results of their work, shall reveal all material facts known to them which, if not revealed, could either distort reports of operations under review or conceal unlawful practices.

Members and CIAs shall continually strive for improvement in their proficiency, and in the effectiveness and quality of their service.

Members and CIAs, in the practice of their profession, shall be ever mindful of the obligation to maintain the high standards of competence, morality, and dignity promulgated by The Institute. Members shall abide by the Bylaws and uphold the objectives of The Institute.

Adopted by the Board of Directors, July 1988.