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Focus on Risk Services: Changes in Internal Auditing Standards

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The Institute of Internal Auditors (IIA) has unveiled proposed changes to its International Standards for the Professional Practice of Internal Auditing (Standards), and announced a 90-day exposure period — February 1 to April 30 — for public comment.
February 11, 2016

The Institute of Internal Auditors (IIA) has unveiled proposed changes to its International Standards for the Professional Practice of Internal Auditing (Standards), and announced a 90-day exposure period — February 1 to April 30 — for public comment.

The IIA has again proposed numerous changes that will raise the bar for the internal audit profession. We see this as a great opportunity to give back to the profession and provide feedback on the proposed changes. 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
  • aligning existing standards to a new set of core principles

Please click here for a video overview, the standards changes and an online survey.

The online survey is available to the 180,000+ IIA 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 October 1, 2016, and become effective January 1, 2017.

For more information please contact RubinBrown’s Risk Services professionals.

 

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