Proposed Changes to the Standards Is Open for Comment
The International Internal Audit Standards Board (IIASB) of the Institute of Internal Auditors (IIA) recently conducted a comprehensive review of the International Standards for the Professional Practice of Internal Auditing (Standards) and is proposing changes to some of the Standards.
The changes reflect consideration of input the IIASB has received from internal auditors and stakeholders, as well as global surveys and other research focused on the Standards.
Part of the established process includes the exposure of the proposed changes to the Standards to stakeholders of the profession to ensure that the modifications are clear, understandable, and consistent with the practice of internal auditing. The proposed revised Standards will have a 90-day exposure period from February 20, 2012, to May 20, 2012.
Purpose for the Exposure
The proposed changes include clarifying the responsibilities of internal auditors, the Chief Audit Executive (CAE) and the internal audit activity for conforming with the Standards; increasing focus on the Quality Assurance and Improvement Program requirements and clarifying ways in which conformance may be achieved; clarifying the CAE’s role to communicate unacceptable risk; explicitly requiring timely adjustments to the internal audit plan for changes; increasing coverage of risks to the achievement of strategic objectives; adding more examples of functional reporting to the board; adding the definitions of “overall opinion” and “engagement opinion” into the glossary, as well as changing the definitions of “risk” and “board.”
How to Respond
To facilitate your response to this exposure draft, you will complete an online survey that guides you through each of the proposed changes to the Standards and glossary.
The survey — which is available in English, French, German, Italian, Korean, Montenegrin, Polish, Portuguese, Romanian, and Spanish — will allow you to vote on whether you agree with the proposed additions or revisions and to provide additional comments.