The Institute of Internal Auditors (IIA) is the leading standard- and guidance-setting body for the global internal audit profession, with more than 150,000 members worldwide. The organization is the profession’s global voice, recognized authority, chief advocate and principal educator. Its mission is to provide dynamic leadership for the internal auditing profession. As part of this, The IIA promotes guidance following rigorous due process. On January 1, 2009, The IIA formally released its revised International Professional Practices Framework, which includes revisions to the organization’s International Standards for the Professional Practice of Internal Auditing. Key changes to the Standards include the following:
- Six new Standards have been added.
- In virtually all of the Standards, The IIA has revised its wording, replacing “should” with “must.”
- Additional requirements have been added to existing Standards.
- Interpretations have been added, incorporating components that previously were part of The IIA’s practice advisories.
With the change from “should” to “must” in most of the Standards and the addition of six new Standards, internal audit functions must take action to achieve or remain in compliance. For some, only minimal changes may be necessary. For others, however, there may be a need for substantial changes to their internal audit plans and structures.
In this white paper, we provide a summary of the new and revised Standards, focusing on key areas that we believe will have the most significant impact on IA functions based on our knowledge and experience gained from working with organizations around the globe. We also provide suggested actions on how IA functions can comply with the significant changes. However, your IA function should compare its individual practices to the Standards to determine whether there are additional items in need of attention.
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IIA Standards Poll