IIA Seeks Input on Proposed Changes to Global Internal Audit Framework
The Institute of Internal Auditors (IIA) is an international professional association of more than 180,000 members. The institute was established in 1941 with its Head Office located in United States. The Institute of Internal Auditors has suggested reforms to Professional Practice of International Professional Practices Framework (IPPF). The previous major amendments to IPPF were made in 2007. These amendments were known as ‘The Red Book’. International Professional Practices Framework is considered to be guiding outline for standards setting and for overall profession of internal audit. The Institute of Internal Auditors is seeking the opinions of it’s more than 180,000 members on the suggested reforms in IPPF.
A team created by IIA proposed various key reforms to the existing IPPF. The recommended changes included inclusion of statement regarding mission of internal auditing, outlining core principles for the professional practice of internal auditing and direction on how to implement those principles and deal with evolving matters. The recommended reforms would not impact the current vital content of IPFF which includes meaning of internal auditing, the code of principles and standards for the practice of the profession etc. Although, IIA stated that standards are being continuously assessed and can be revised to back the recommended reforms in IPPF.
The recommended reforms were made available to the members of the Institute of Internal Auditors, law makers and other concerned parties for their feedback. The feedback and opinions can be provided till 3rd November 2014.
After November 3 2014, if sanctioned by executive committee of Institute of Internal Auditors and global board, the features of revised IPPF would be accessible within first three months of 2015 and full revised version can be expected to be available in 2016.
Chairman of IPPF review team, Robert Hith, expressed her gratitude towards the team and stated that the recommended reforms, specifically the new principles, shall be beneficial to the professionals globally.
Larry Harrington, vice chairman of board IIA, said that proposed reforms will increase the representativeness of the framework towards profession’s core values and will be receptive to changes in markets.