Proposed Changes to Internal Auditing Standards Announced
Updated: Aug 16, 2018
POSTED BY JANE BOLER ON FEBRUARY 18, 2016 IN AUDITING, NEWS
The Institute of Internal Auditors (IIA) has announced proposed changes to its International Standards for the Professional Practice of Internal Auditing Standards, and is seeking input on revisions to meet evolving business challenges.
The changes to the standards are designed to help practitioners meet challenges posed by the current dynamic business environment and the evolving demands that the environment creates on internal audit functions.
The proposed changes will be open for review and public comment until April 30 through an online survey, which can be accessed here. The intent of this process is to seek input from internal audit practitioners and stakeholders before final revisions are approved.
The proposed changes to the standards focus on three areas: enhancing existing standards on communications and quality assurance; creating new standards which address 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.
IIA President and CEO Richard F. Chambers said that the demands on internal audit functions are evolving rapidly, and the IIA is working diligently to ensure the standards and IPPF reflect that evolution.
“We indicated last year that the changes to the IPPF would require related updates to the standards,” Chambers said. “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 globally, as well as regulators, and other key stakeholders of the internal audit profession.
At the conclusion of the exposure period, comments will be reviewed and final changes will be approved in the third quarter of 2016. The modified standards will be announced on October 1 and are expected to become effective on January 1, 2017.