IIA Enhances Awareness of Profession Through Advocacy Efforts
Enhanced advocacy of the internal audit profession is a key IIA strategic goal. And, getting 2013 off to a notable start, January was an active advocacy month. During the first few weeks of the year, IIA President and CEO Richard Chambers met with key legislators and regulators in Washington, D.C., as well as with key stakeholder organizations in New York City in a continued effort to build awareness, leverage support and enhance the global profile of, and demand for, professional internal auditing. In Washington, Chambers met with more than a dozen House members and their staffers, providing an overview of both The IIA and the profession and explained the role internal audit plays as the third line of defense in effective risk management and control. The IIA’s advocacy strategy on Capitol Hill is aimed at building recognition of The IIA as the voice of the profession among policy makers. The IIA is becoming known as an important resource for legislators involved with developing legislation affecting organizational governance, risk, and control. The initial focus on Capitol Hill is meeting with members of the Senate Banking Committee, the House Financial Services Committee and the CPA Caucus. Also while in DC, Chambers met with senior officials at the Public Company Accounting Oversight Board (PCAOB).
While in New York, Chambers met with executives from the International Federation of Accountants (IFAC), to continue to foster existing areas of collaboration as well as discuss additional opportunities to work together. Building awareness of each organization’s initiatives that strive to serve the public interest and restore confidence to the general public in business reporting and enhancing governance processes was a critical theme. Chambers also had an opportunity to meet with senior executives involved with listed company compliance at the New York Stock Exchange to update them on IIA initiatives and gain additional understanding of their challenges and opportunities for building awareness of internal auditing with all stock exchanges. Outreach to these critical stakeholder organizations is aimed at building the credibility of The IIA as a global standard-setting body and seeking recognition of the critical role of internal auditing to good governance, risk management and control.
A part of The IIA’s advocacy efforts also includes elevating visibility of The IIA and internal audit through the media. Chambers met with key media outlets while in D.C. and New York, and was interviewed by the Wall Street Journal (WSJ) about the U.S. Federal Reserve’s recent guidance on reporting guidelines for internal auditing in large banks with over $10 billion in assets. The IIA has received significant media attention since December, garnering coverage in more than 25 media outlets including Bloomberg, Reuters, and WSJ.