IPPF Oversight Council Reports on First Year

Jack Humphrey, Regulatory journalist
December 29, 2011 /

The IPPF Oversight Council has released its first annual report, which outlines the group’s origins, mission, operations, processes, initial accomplishments and milestones, and future areas of focus.

The IPPF is an independent governing body established to oversee the Institute of Internal Auditors’ (IIA’s) processes for developing the International Professional Practices Framework (IPPF), which comprises global standards and authoritative guidance for the internal audit profession worldwide.

“I firmly believe that high-quality standards for the internal audit profession can play an instrumental contributory role in ensuring public confidence in organizational governance and the financial reporting process,” said Oversight Council Chairman James M. Sylph, who is executive director, professional standards with the International Federations of Accountants (IFAC) and IFAC’s representative on the Council.

“I also believe high-quality standards — when uniformly applied — create international ‘public good,’ an important aspect in the governance of our world’s financial system,” he said.

During 2011 – its first year – the Oversight Council crossed several initial milestones impacting the operations of The IIA’s International Internal Audit Standards Board, including enhancing participation and rule-making requirements, and recommended extending membership to additional key stakeholder organizations.

“As a trustworthy global guidance-setting body, The IIA is diligent about the transparency and clarity of its guidance-setting processes,” said IIA Chairman of the Board Denny Beran.

“The fine work of the Oversight Council will ensure that we continue to earn and retain the confidence of our varied stakeholders.”

In addition to a representative from IFAC, the IPPF Oversight Council comprises representatives from the International Organization of Supreme Audit Institutions (INTOSAI), the National Association for Corporate Directors (NACD), the Organization for Economic Co-operation and Development (OECD), and The World Bank; as well as two IIA representatives.

The Council reports directly to The IIA’s Global Board of Directors.

In reviewing the year’s accomplishments, Sylph expressed pride in the Council’s ability to establish credibility and added value without creating disorder in the underlying activities of The IIA as a global guidance-setting body.

He also expressed confidence that the Council will continue to enhance its effectiveness over time.

“By ensuring that the internal audit profession’s global standards and guidance are formulated in the broad public’s best interest, we will foster further financial stability and development around the world,” said Sylph.

 

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