• Register
Return to: Home > News > Standards > Institute of Internal Auditors proposes changes to its practices framework

Institute of Internal Auditors proposes changes to its practices framework

The Institute of Internal Auditors (IIA) has proposed enhancements to its International Professional Practices Framework (IPPF) in an effort to respond to the rising expectations on internal auditors.

According to IIA vice president of professional practices Hal Garyn, the expectations on the internal audit globally are increasing. "The attention global internal auditors are receiving from regulators globally and especially in the financial services or banking sector is elevating," he said.
"The heightened expectations on internal audit have placed and will continue to place internal auditors at the corner stone of good governance."

Earlier this year international Integrated Reporting Council chair Mervyn King, speaking at the IIA International Conference 2014 in London, described this evolution and said: "The role of internal auditors is now becoming insightful, they are at the cutting edge of strategy."

Responding to this evolution the IIA set a task force to take a fresh look at its IPPF, Garyn said. "The IPPF encompass all the standards and guidance of the IIA to support the professional practice of internal auditing."

While the proposed changes will not affect the content of the existing elements of the IPPF such as the definition of internal auditing, the code of ethics and the standards, two of the major proposed changes are the introduction of a mission statement and a set of 12 core principles.

The mission statement will give a clear overview of what internal auditing strive to achieve in the organisations it serves, Garyn said. While he believes the definition of internal auditing "does a good job of articulating what internal auditing is", it did not provide a distinct explanation of what it aims to achieve. The proposed mission statement aims to address this short coming.

Looking at the IPPF, the task force realised that while the standards for the professional practice of internal auditing were described as principle-based, the framework did not provide an overview of what those principles were, Garyn explained.

The proposed new set of 12 core principles will aim to highlight what effective internal auditing looks like in practice as it relates to the individual auditor, the internal audit function, and internal audit outcomes.

"It is about providing those charged with governance within their organisations the guidance and leading practices necessary to deliver on internal audit's mission: that of delivering risk-based, objective and reliable assurance, advice and insight," Garyn commented.

The proposed enhancements have been published for a consultation until November 2014. After which if approved by the IIA executive committee and global board, elements of the new framework could be available in the first quarter of 2015. A more fully populated new framework could then be as available sometime in 2016, the IIA announced.

Related link:

Proposed Enhancements to The Institute of Internal Auditors International Professional Practices Framework (IPPF)

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more


    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.