IIA Wants Audit Execs to Meet Professional Practices Requirements
The Institute of Internal Auditors (IIA) has released a new practice guide entitled “Interaction with the Board” that covers several activities, primarily accomplished through the chief audit executive (CAE).
The said activities are said to be the key to an effective relationship between the board and the internal audit activity.
The practice guide aims to assist the chief audit executive in meeting the requirements of the International Professional Practices Framework (IPPF) as it relates to interacting and communicating with the board.
Last May, the Association of Healthcare Internal Auditors formally endorsed to the IIA the mandatory components of the International Professional Practice Framework, which provides components of authoritative guidance for internal auditors around the globe, classified as “mandatory” and “strongly recommended.”
The IIA said: “Boards and internal auditors have interlocking goals. A strong working relationship between the two is essential for the internal audit activity to fulfill its responsibilities to not only the board, but also senior management, shareholders and other stakeholders.”