New Council for Internal Audit Guidance Development Created
The newly formed Oversight Council of the International Professional Practices Framework (IPPF) is set to oversee the flow of internal audit guidance development inside IPPF for internal auditors worldwide. IPPF Oversight Council will also give advice to IIA Global Board of Directors regarding the guidelines of setting its standards.
IPPF Oversight Council Chairman and IFAC Executive Director of Professional Standards Jim Sylph disclosed that the Oversight Council was conceived following the demand of stakeholders to oversee internal audit practitioners that set standards.
Among the organizations that have representation in the Oversight Council are the International Federation of Accountants (IFAC), the International Organization of Supreme Audit Institutions (INTOSAI), the World Bank, the Organization for Economic Cooperation and Development (OECD), and the National Association of Corporate Directors (NACD).
IIA Global Chairman of the Board Günther Meggeneder said keeping an internal audit guidance will help in upholding the quality of IIA’s standards and will respond properly to the needs of the public. Meggeneder added that the creation of the Oversight Council will pave the way for universal recognition of the audit profession.
Specific committees in IIA of which standard-setting the Oversight Council will start to oversee are the Advanced Technology Committee, Committee on Quality, Ethics Committee, Internal Audit Standards Board, and Professional Issues Committee. The Oversight Council’s primary role will be to review the charters of these committees and send recommendations to the IIA Board of Directors based on its findings.
Sylph said ensuring the steadfast commitment of internal audit practitioners to the “most effective, efficient, and ethical ways of doing business” means a continuous and more strict internal audit guidance.