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March 18, 2013

CIPFA issues public sector auditing standards

The Chartered Institute of Public Finance and Accountancy (CIPFA) has published a set of Public Sector Internal Audit Standards (PSIAS), due to come into force on 1 April 2013.

The PSIAS are based on the existing International Standards for Internal Audit but with additional requirements and interpretations for the UK public sector, and are the result of collaboration between CIPFA and the Chartered Institute of Internal Auditors.

The standards follow a National Audit report last summer, which highlighted the need for better use of internal audit to support the process of change and deficit reduction underway across government.

The PSIAS set higher expectations for the role and scope of internal audit and provide a better framework for the delivery of internal audit services across the UK public sector, as well as create a clearer basis for assessing the performance and development needs of internal audit teams.

CIPFA plan to publish a Local Government Application Note before the PSIAS come into force providing more detailed guidance where required for local government circumstances.

Related Link

The Chartered Institute of Public Finance and Accountancy

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