The Internal Standards for the Professional Practice of Auditing and the International Professional Practices Framework (IPPF) are undergoing a significant transformation, with a draft due for public comment in March of 2023.
The Institute of Internal Auditors (IIA) is responding to feedback from the internal audit profession, that both clarity and change are needed in the face of unprecedented challenges in the global business environment. The Global Internal Audit Standards (Standards) represent the culmination of two years of effort, including input from some 90 different IIA affiliates. Anthony Pugliese, IIA President and CEO, indicated, “The standard-setting follows a rigorous due process and aims to meet the fundamental needs of the profession and serves the public interest. I am confident the draft will be well received and look forward to feedback during the public comment period.”
Per the IIA’s Global Perspectives & Insights, Special Edition, Updating Standards for a Changing World, the top changes to the Standards will include:
- Simplify the IPPF structure
- Consolidate six existing IPPF elements (Mission, Definition, Code of Ethics, Core Principles, Standards, and Implementation Guides) into the Standards
- Create the new Purpose of Internal Auditing
- Enrich Ethics and Professionalism by adding “due professional care”
- Add recommended practices and evidence of conformance
- Add nuances for Public Sector, small internal audit functions, and advisory services
- Clarify the Board of Directors’ role in governing internal audit
- Clarify the role of Chief Audit Executives (CAE) and internal audit functions
- Redefine the quality = conformance + performance
The IIA indicates that the new Standards will accomplish the above via a simplified structure organized into five domains as follows:
Domain I – Purpose of Internal Auditing – unifies certain aspects of the IPPF
Domain II – Ethics and Professionalism– incorporates the Code of Ethics, standards related to conduct and due professional care
Domain III – Governing the Internal Audit Function – seeks to clarify the role of the Board of Directors
Domain IV – Managing the Internal Audit Function – seeks to clarify the role of the CAE
Domain V – Performing Internal Audit Services – addresses day-to-day internal audit activities
The internal audit profession eagerly awaits the Global Internal Audit Standards issuance, as the IPPF was last revised in 2017. As such, the IIA is hopeful the new Standards will be well received by the internal audit profession and the organizations they serve.
CRI’s internal audit professionals will be closely monitoring the issuance of the draft Standards and will proactively communicate such to the profession via various outlets, including social media and an external webinar in June. In the meantime, please visit our website for ongoing internal audit updates and information regarding CRI Internal Audit Services.
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