IPPF Oversight Council Report Commented on IIA Setting the Global Standards in the Public Interest

IPPF Oversight Council Report Commented on IIA Setting the Global Standards in the Public Interest

The IPPF Oversight Council (IPPFOC) has released a three-year report summarizing its significant progress in standards-setting and stakeholder engagement throughout the historic IPPF Evolution project.

The report highlights several milestones that the IPPFOC achieved over the last three years, including:

• Issuing the new Framework for Setting Internal Audit Standards in the Public Interest. The Framework provides a foundation for the Oversight Council’s work and serves as a guide for the IIASB and its standard-setting due process.
• Oversight of the IPPF Evolution project. Launched in 2021, The IIA’s historic effort to ensure the IPPF remains future fit involved collecting input from a global network, including more than 100 affiliates, almost 4,000 internal audit practitioners, and other relevant stakeholders. That feedback has resulted in new draft Standards, which will be put out for public exposure on March 1, 2023.
• Oversight of the Stakeholder Engagement Process in Serving the Public Interest. The IIA implemented IPPFOC recommendations by strengthening the stakeholder engagement process and incorporating it throughout the development of standards.

Additionally, the report identified four action items:

1. Balance the quality and speed of standard development by focusing on strategic issues and deferring to The IIA’s qualified staff to operate at the technical level.
2. Establish comprehensive strategy to measure the success and impact of the IPPF Evolution project.
3. Enhance the nomination, onboarding, and evaluation processes for IIASB members.
4. Establish a process addressing regional collaboration related to local guidance, developed by IIA affiliates, not considered to be part of the Standards.

Read more about these in the full report.

The IPPF Oversight Council

In 2010, The IIA’s Global Board of Directors established the IPPF Oversight Council (IPPFOC, Oversight Council) to promote inclusiveness, transparency, and other qualities important to the multiple stakeholders who benefit from having confidence that the IPPF serves the public interest. The lPPFOC advises on and evaluates the appropriateness of The IIA’s standard-setting process.

Members of the Oversight Council include representatives from organizations operating in the public and private sectors that are invested in ensuring the Standards consider and incorporate the public interest. Membership comprises representatives of the International Federation of Accountants (IFAC), International Organization of Supreme Audit Institutions (INTOSAI), National Association of Corporate Directors (NACD), Organisation for Economic Co-operation and Development (OECD), The World Bank, and The Institute of Internal Auditors (IIA).  

The IPPF Evolution Project

The IPPF Evolution project is an historic effort to improve The IIA’s International Professional Practices Framework (IPPF) and International Standards for the Professional Practice of Internal Auditing (Standards). The project will result in new Standards, which will be exposed for public comment March 1-May 31, with an official release scheduled for the end of 2023. Click here to learn more about the IPPF Evolution project.