Two Internal Audit Regulators Sign New Pact to Raise Global Standards
A new Memorandum of Understanding (MOU) between the Institute of Internal Auditors, Inc. (IIA) and the Professional Standards Committee of the International Organization of Supreme Audit Institutes (INTOSAI) that primarily aims to provide and maintain global standards came after the 2007 related agreement.
If the MOU signed in 2007 at Amsterdam focused on the coordination of their efforts to set standards for auditors, the new pact creates a structure with which the two bodies could raise the global standards of the audit profession, noted Günther Meggeneder, chairman of IIA.
Added to raising global standards documented in the new MOU, IIA and INTOSAI will also bring together their strategic objectives and give structure to how they would cooperate with each other.
The primary provision of the new MOU will be to globally recognize the standards of both the International Standards for Supreme Audit Institutions (ISSAIs) of INTOSAI and the International Standards for the Professional Practice of Internal Auditing of IIA.
Meggeneder recognized the importance of joining together the forces of the two standard-setting bodies, saying the two could improve the “consistency and continuity” of the audit global standards with the new MOU serving as a “conduit for that work.”
In addition, IIA and INTOSAI will look closely into how each of their boards sets standards, sharing important information and relevant materials that aid the purpose of the new agreement.
The expanded task of the two standard-setting bodies paves the way for leveraging experiences, works, credibility, and impact of each on raising audit global standards, IIA said on its website.