Global Internal Audit Standards™ review – online survey open until 30 May

The Institute of Internal Auditors (IIA) is the global professional association and standard-setting body for internal auditors. Based in Florida, USA, the IIA has more than 200,000 members in over 170 countries.

The IIA is currently reviewing and updating all elements of the International Professional Practices Framework (IPPF) including the International Standards for the Professional Practice of Internal Auditing (Standards), to prepare the internal audit professions for the future.

The IIA has a draft of the proposed new Global Internal Audit Standards™ open for public comment until 30 May 2023. The proposed new Standards provide requirements and recommendations to guide the professional practice of internal auditing and a basis for evaluating performance. The IIA proposes to release the new Standards by the end of 2023.

We note the draft Standards:

• reinforce the value of internal audit for Boards  - refer Domain I, the Purpose of Internal Auditing, at page 10, and;
• set out the expectations on the relationship between Boards and Internal Auditors – refer Domain III “Governing the Internal Audit Function”, from page 33-58.

The IoD will be responding to the survey on the proposed new Standard, in conjunction with the Institute of Internal Auditors New Zealand (IIA NZ). If you’d also like to provide feedback, you can either:

1. send your feedback to the IoD Governance Leadership Centre by 19 May 2023; or
2. Respond directly to the IAA online survey here - Global Internal Audit Standards – 2023 Draft for Public Comment.

The IIA have provided a preview of the questions appearing in the online survey, to assist in preparing a response. The attached IPPF Evolution page also provides further background on the review process and an overview of the changes in the proposed Global Internal Audit Standards.

Finally, the attached IIA guide provides a useful overview of the Board's Role in Governing the Internal Audit Function – considering the proposed Domain III Principles and Standards, Governing the Internal Audit Function.

IIA Singapore online event

The IIA Singapore are running an online event on 4 May 2023 to provide an update on the proposed changes to the Global Internal Audit Standards. Details below:

What You Need to Know About the Proposed Changes to the Standards (IPPF):

Thursday 4 May 2023 - 12.00 pm to 1.00 pm (Singapore time)

The IIA is transforming the International Professional Practices Framework including the Standards to prepare the internal audit profession for the future. During this free webinar, you will learn more about the major changes to the Standards and how to participate in the public comment period.

Topics to be covered:

• Introduction and history of the IPPF Evolution project
• New Standards structure and high-level coverage of each domain
• Top changes and/or new different requirements in each domain
• Overview of the public review and comment process

The link to the registration page is here.