IIA Issues New IPPF Practice Advisory
The Institute of Internal Auditors’ (IIA) International Professional Practices Framework (IPPF) has released a new practice advisory entitled
“2320-2: Root Cause Analysis.”
Auditors whose reporting only recommends that management fix the issue — and not the underlying reason that caused the issue — are failing to add insights that improve the longer-term effectiveness and efficiency of business processes and thus, the overall governance, risk, and control environment, the IIA said.
Practice Advisories assist internal auditors in applying the Definition of Internal Auditing, the Code of Ethics, and the Standards and promoting good practices.
Also, Practice Advisories address internal auditing’s approach, methodologies, and consideration, but not detail processes or procedures. They include practices relating to international, country, or industry-specific issues; specific types of engagements; and legal or regulatory issues.