The Institute of Internal Auditors has formed the IPPF Oversight Council, a multi-organizational group that will monitor the process for developing guidance within the International Professional Practices Framework.
The council will evaluate and advise the IIA Global Board on the standard-setting process.
Organizations represented on the Oversight Council include the International Federation of Accountants, the International Organization of Supreme Audit Institutions, the World Bank, the Organization for Economic Cooperation and Development, and the National Association of Corporate Directors.
The council’s oversight role will layer additional rigor on top of the IIA’s existing standard-setting process, which includes the active involvement of five IIA international entities: the Advanced Technology Committee, the Committee on Quality, Ethics Committee, the Internal Audit Standards Board, and the Professional Issues Committee.
“Stakeholders are demanding that standard setters are subject to oversight,” said IPPF Oversight Council Chairman and IFAC Executive Director of Professional Standards Jim Sylph. “The IIA is to be congratulated on setting up this Oversight Council. It is, indeed, an honor and a privilege to lead this body as it begins its critical role of enhancing the credibility of the IPPF standard setting processes.”
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