Which principle is included in the code of ethics for internal auditors?

The principle of competency is a fundamental element included in the code of ethics for internal auditors. This principle emphasizes that internal auditors should possess the necessary knowledge, skills, and experience to effectively carry out their responsibilities. Competency ensures that auditors are well-equipped to evaluate the organization's processes and controls, thus providing reliable and actionable insights.

In the context of internal auditing, competency also involves a continuous commitment to professional development and staying updated with the current standards, regulations, and best practices in the field. This adherence promotes a high standard of professionalism and ensures that the audit work conducted is sound, relevant, and credible.

While other concepts like commercialism, transparency, and regulation are important in the broader scope of organizational practices and governance, they do not form part of the core ethical principles specific to internal auditors as outlined in their code of ethics. Competency remains a critical pillar that reinforces the integrity and effectiveness of the internal auditing profession.