8/22/2019 Rekha 1

1/1

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