The Institute of Internal Auditors has announced that a set of revisions will be made to internal auditing standards, taking effect at the beginning of next year.
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The 18 revisions to International Standards for the Professional Practice of Internal Auditing, which are mandatory under the IIA’s Professional Practices Framework, will go into effect on Jan. 1, 2013.
Key changes include:
-- Clarifying the responsibilities of internal auditors and the chief audit executive;
-- Increasing focus on the quality assurance and improvement program requirements and clarifying ways in which conformance can be achieved;
-- Clarifying the CAE's role in communicating unacceptable risk;
-- Explicitly requiring timely adjustments to the internal audit plan;
-- Ensuring the audit plan covers risks to achieving strategic objectives; and,
-- Adding more examples of what constitutes “functional reporting to the board.”
“The revisions clarify the existing language in some of the standards to help ensure internal audit professionals can comply with the core tenets of internal audit professionalism,” said Andy Dahle, chairman of the International Internal Audit Standards Board. “The changes will help internal audit focus on timely risks, stay aligned with exemplary practices, and maintain the appropriate stature. The standards must be continuously monitored and updated as our profession evolves.”
The IIA will be hosting a webcast on October 23 and 24 to review the changes to the standards. The webcast is free, but pre-registration is required.
The new standards, and registration for the webcast, are available on the IIA’s Web site.