Responses categorized to resolve the most cited issues.
LAKE MARY, Fla. (October 6, 2023) — The International Internal Audit Standards Board (IIASB) has analyzed the feedback received on the draft Global Internal Audit Standards™ during the public comment period. Nearly 19,000 specific comments came from 1,612 completed surveys. Additionally, the IIASB reached out to individuals and stakeholder groups through presentations and meetings and accepted letters. Although the data showed only low levels of disagreement with the new standards (ranging between 6 and 16 percent on various sections), the IIASB duly considered all input received.
Under the guidance of chairman Naohiro Mouri, CIA, and immediate past chairman J. Michael Peppers, CIA, QIAL, CRMA, the 21 Standards Board members and four special advisors, representing 21 countries, have met regularly since June to evaluate the data and formulate revisions.
The most frequently recurring comments of concern included:
- An increased usage of the word “must,” making the Standards seem too prescriptive.
- Unclear requirements for external quality assessments.
- The applicability of the Standards to public sector and small internal audit functions.
- Missing or vague terminology in the Purpose of Internal Auditing.
- Requirements for 20 hours of continuing professional education and specific competencies for all internal auditors.
- Requirements for board actions stated too directly and missing responsibilities for senior management.
- Unclear distinction between internal audit mandate and the internal audit charter.
- Confusion about appropriate measures of internal audit performance.
- The applicability of requirements to both assurance engagements and advisory engagements.
- Requirement for internal auditors to make recommendations related to findings.
- Perceived requirement of “ratings” and “rankings” for findings and conclusions.
- Requirement for a statement of conformance or nonconformance in final engagement communications.
“The volunteer members of the Standards Board and IIA technical staff have spent countless hours considering the public response and resolving issues identified so we can deliver standards that will elevate the quality and impact of the internal audit profession,” said Peppers.
“Everyone involved with this project, including the independent oversight council monitoring our due process is excited to be moving closer to completing the final product, which is expected to be approved by the end of 2023 and released in early 2024,” said Kat Seeuws, CIA, CGAP, CRMA, CFE, vice president of Professional Standards and Guidance at The IIA.
Additional information, including survey results, project timeline and history, and more, is available at theiia.org/ippfevolution.
About the International Internal Audit Standards Board
The IIASB has a mission “to serve the public interest by developing, issuing, maintaining, and promoting the International Standards for the Professional Practice of Internal Auditing (Standards) on a worldwide basis.” The International Standards for the Professional Practice of Internal Auditing are proposed to be renamed the Global Internal Audit StandardsTM.
About The Institute of Internal Auditors
The Institute of Internal Auditors (IIA) is an international professional association that serves more than 235,000 global members and has awarded more than 190,000 Certified Internal Auditor (CIA) certifications worldwide. Established in 1941, The IIA is recognized throughout the world as the internal audit profession's leader in standards, certifications, education, research, and technical guidance. For more information, visit theiia.org.