What are the five components of the IPPF?

The correct selection highlights the five components of the International Professional Practices Framework (IPPF), which consists of the Definition of Internal Auditing, the Code of Ethics, the International Standards for the Professional Practice of Internal Auditing, Implementation Guidance, and the Core Principles for the Professional Practice of Internal Auditing.

In this context, the components mentioned provide a comprehensive foundation that guides and governs internal audit activities. The Definition of Internal Auditing offers a clear understanding of the profession, while the Code of Ethics establishes the principles and expectations that auditors should follow in practice. Additionally, the International Standards present a set of requirements that internal auditors must adhere to, ensuring a consistent and high-quality approach in their work. Implementation Guidance further supports auditors in applying the standards effectively in various contexts, and the Core Principles help establish a framework for audit effectiveness.

Other options misalign with these established components, including aspects like consulting or performance metrics, which are not formal parts of the IPPF structure. By contrasting emphasize the importance of standards, ethics, and practical guidance in the realm of internal auditing, the selected answer accurately reflects the official framework acknowledged in the profession.