Institute of Internal Auditors Commends Signing of Infrastructure Investments and Jobs Act
Lake Mary, Florida, November 15, 2021 – The Institute of Internal Auditors (IIA) issued the following statement from IIA president and CEO Anthony Pugliese, CIA, CPA, CGMA, CITP on the Infrastructure Investments and Jobs Act, signed into law today by President Joe Biden.
“The IIA commends this bipartisan, timely legislation - the largest federal investment in infrastructure in more than a decade - to improve the nation’s roads, bridges and waterways. The infrastructure bill is great for business and the country and will spark important upgrades and projects. Internal audit has an important role to play here - organizations should use their internal audit activity to ensure integrity and compliance of these infrastructure projects."
The IIA recommends that each organization, company, financial institution and governmental entity receiving funds should disclose in contracts and project scoping statements that there will be objective assurance over the system of controls via an internal audit activity that’s independent of management.
The new law includes roughly $550 billion in new funding for transportation, utilities and broadband. It also invests $110 billion in roads, bridges and other major projects, directs $66 billion toward passenger and freight rail and $39 billion into public transit. The bill will invest $65 billion in expanding broadband access. It will put $55 billion into water systems, including lead pipe replacements. The legislation also includes a provision for cryptocurrency tax reporting.
About The Institute of Internal Auditors
The Institute of Internal Auditors (IIA) is the internal audit profession’s most widely recognized advocate, educator, and provider of standards, guidance, and certifications. Established in 1941, The IIA today serves more than 200,000 members from more than 170 countries and territories. The IIA's global headquarters are in Lake Mary, Fla. For more information, visit www.globaliia.org.