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Definition of ethics
Institute of Internal Auditorsdefinition: "The Audit committee refers to the governance body that is
charged with oversight of the organizations audit and control functions. Although these fiduciary
duties are often delegated to an audit committee of the board of directors, the (...) Practice Advisory
is also intended to apply to other oversight groups with equivalent authority and responsibility, such
as trustees, legislative bodies, owners of an owner-managed entity, internal control committees, or
full boards of directors"(IIA Practice Advisory 2060-2 of 2004).
In Nigeria, the Audit Committee is defined as a Committee of Directors and the enterprises
shareholders representatives whose specific responsibility is to review the annual financial
statements before submission to the Board of Directors.
The above definitions are focused on the private sector. A similar definition has been developed by
thegovernment auditorsin theINTOSAIs Internal Control Standards:"A committee of the Board of
Directors whose role typically focuses on aspects of financial reporting and on the entity's processes
to manage business and financial risk, and for compliance with significant applicable legal, ethical,
and regulatory requirements. The Audit Committee typically assists the Board with the oversight of
(a) the integrity of the entity's financial statements, (b) the entity's compliance with legal andregulatory requirements, (c) the independent auditors' qualifications and independence, (d) the
performance of the entity's internal audit function and that of the independent auditors and (e)
compensation of company executives (in absence of a remuneration committee)."(Standard INTOSAI
GOV #9100, "Internal Control Standards for the Public Sector, annex 2)"INTOSAI
definition".INTOSAI definition. INTOSAI. Retrieved 1 April 2011.
Origin
The epic poems that stand at the beginning of many world literatures, such as the MesopotamianEpic of
Gilgamesh, Homer'sIliadand the IcelandicEddas, portray a set of values that suit the strong leader of a
small tribe. Valour and success are the principal qualities of a hero, and are generally not constrained by
moral considerations. Revenge and vendetta are appropriate activities for heroes. The gods that appear
in such epics are not defenders of moral values but are as capricious as forces of nature, and are to be
feared and propitiated.[2]
More strictly ethical claims are found occasionally in the literature of ancient civilizations that is aimed at
lower classes of society. TheSumerian Farmer's Almanacand the EgyptianInstruction of
Amenemopeboth advise farmers to leave some grain for poor gleaners, and promise favours from the
gods for doing so.[3]
A number of ancient religions and ethical thinkers also put forward some version of
thegolden rule, at least in its negative version: do not do to others what you do not want done to
yourself.[4]
http://en.wikipedia.org/wiki/Institute_of_Internal_Auditorshttp://en.wikipedia.org/wiki/Institute_of_Internal_Auditorshttp://en.wikipedia.org/wiki/Supreme_Audit_Institutionhttp://en.wikipedia.org/wiki/Supreme_Audit_Institutionhttp://en.wikipedia.org/wiki/Supreme_Audit_Institutionhttp://en.wikipedia.org/wiki/INTOSAIhttp://en.wikipedia.org/wiki/INTOSAIhttp://en.wikipedia.org/wiki/INTOSAIhttp://www.issai.org/media(891,1033)/Internal_Control_Standards.pdfhttp://www.issai.org/media(891,1033)/Internal_Control_Standards.pdfhttp://www.issai.org/media(891,1033)/Internal_Control_Standards.pdfhttp://www.issai.org/media(891,1033)/Internal_Control_Standards.pdfhttp://en.wikipedia.org/wiki/Epic_of_Gilgameshhttp://en.wikipedia.org/wiki/Epic_of_Gilgameshhttp://en.wikipedia.org/wiki/Epic_of_Gilgameshhttp://en.wikipedia.org/wiki/Epic_of_Gilgameshhttp://en.wikipedia.org/wiki/Iliadhttp://en.wikipedia.org/wiki/Iliadhttp://en.wikipedia.org/wiki/Iliadhttp://en.wikipedia.org/wiki/Eddashttp://en.wikipedia.org/wiki/Eddashttp://en.wikipedia.org/wiki/Eddashttp://en.wikipedia.org/wiki/History_of_ethics#cite_note-2http://en.wikipedia.org/wiki/History_of_ethics#cite_note-2http://en.wikipedia.org/wiki/History_of_ethics#cite_note-2http://en.wikipedia.org/wiki/Sumerian_Farmer%27s_Almanachttp://en.wikipedia.org/wiki/Sumerian_Farmer%27s_Almanachttp://en.wikipedia.org/wiki/Sumerian_Farmer%27s_Almanachttp://en.wikipedia.org/wiki/Instruction_of_Amenemopehttp://en.wikipedia.org/wiki/Instruction_of_Amenemopehttp://en.wikipedia.org/wiki/Instruction_of_Amenemopehttp://en.wikipedia.org/wiki/Instruction_of_Amenemopehttp://en.wikipedia.org/wiki/History_of_ethics#cite_note-3http://en.wikipedia.org/wiki/History_of_ethics#cite_note-3http://en.wikipedia.org/wiki/History_of_ethics#cite_note-3http://en.wikipedia.org/wiki/Golden_rulehttp://en.wikipedia.org/wiki/Golden_rulehttp://en.wikipedia.org/wiki/Golden_rulehttp://en.wikipedia.org/wiki/History_of_ethics#cite_note-4http://en.wikipedia.org/wiki/History_of_ethics#cite_note-4http://en.wikipedia.org/wiki/History_of_ethics#cite_note-4http://en.wikipedia.org/wiki/History_of_ethics#cite_note-4http://en.wikipedia.org/wiki/Golden_rulehttp://en.wikipedia.org/wiki/History_of_ethics#cite_note-3http://en.wikipedia.org/wiki/Instruction_of_Amenemopehttp://en.wikipedia.org/wiki/Instruction_of_Amenemopehttp://en.wikipedia.org/wiki/Sumerian_Farmer%27s_Almanachttp://en.wikipedia.org/wiki/History_of_ethics#cite_note-2http://en.wikipedia.org/wiki/Eddashttp://en.wikipedia.org/wiki/Iliadhttp://en.wikipedia.org/wiki/Epic_of_Gilgameshhttp://en.wikipedia.org/wiki/Epic_of_Gilgameshhttp://www.issai.org/media(891,1033)/Internal_Control_Standards.pdfhttp://www.issai.org/media(891,1033)/Internal_Control_Standards.pdfhttp://en.wikipedia.org/wiki/INTOSAIhttp://en.wikipedia.org/wiki/Supreme_Audit_Institutionhttp://en.wikipedia.org/wiki/Institute_of_Internal_Auditors