Proposed Internal Audit Standards Changes Unveiled
The IIA seeks input on revisions designed to meet evolving business challenges
ALTAMONTE SPRINGS, Fla. (Feb. 1, 2016) — The Institute of Internal Auditors (IIA) announced today proposed changes to its International Standards for the Professional Practice of Internal Auditing (Standards), and announced a 90-day exposure period for public comment.
The changes to the Standards are designed to help practitioners meet challenges posed by today’s dynamic business environment and the evolving demands that environment creates on internal audit functions.
The proposed changes will be open for review and public comment from Feb. 1 through April 30 through an online survey found here. The intent is to seek input from internal audit practitioners and stakeholders before final revisions are approved.
The proposed changes to the Standards are focused on three areas: enhancing existing standards on communications, and quality assurance; creating new standards addressing objectivity in assurance and consulting roles, as well as addressing new roles internal audit functions are taking on; and aligning existing standards to a new set of Core Principles incorporated into the International Professional Practices Framework (IPPF) last year.
“The demands on internal audit are evolving rapidly, and The IIA is working diligently to make sure the Standards and IPPF reflect that evolution,” said IIA President and CEO Richard F. Chambers, CIA, QIAL, CGAP, CCSA, CRMA. “We indicated last year that the changes to the IPPF would require related updates to the Standards. The comment period on these proposed changes is the first step toward completing that update.”
The online survey is available to The IIA’s more than 180,000 members worldwide, as well as regulators and other key stakeholders of the internal audit profession. After the exposure period, comments will be reviewed and final changes approved in the third quarter of 2016. The modified Standards will be announced on Oct. 1 and become effective Jan. 1, 2017.