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February 25, 2010

IIA moves towards chartered status

The Institute of Internal Auditors UK and Ireland (IIA) will be awarded chartered status this year.

The IIA was formed in 1948 and represents more than 8,000 internal auditors. It will be known as the Chartered Institute of Internal Auditors from October.

Chartered status is granted by the Queen on advice from her Privy Council, which is a government body that advises the head of state on how to exercise executive authority.

IIA chief executive Ian Peters said that to be awarded chartered status, an organisation must demonstrate widespread support.

“That support must not just come from within the membership, although clearly that is important,” Peters said.

“It is also getting support from other professional bodies, from government departments and all those that are operating in the same environment that you are in.”

Organisations that supported the IIA’s application included the chartered accountancy bodies, the Institute of Chartered Secretaries and Administrators and the Chartered Institute of Bankers in Scotland.

The institute also had to prove its qualifications had sufficient credibility and were of sufficient quality to justify the chartered designation.

Peters said the entire process took about 18 months.

The chartered status is important from an image perspective as it awards a status that others understand and place a value on, Peters said.

It is also an important way to ensure existing internal auditors feel the contribution that they make to governance in organisations is recognised.

“Of course it also makes us more attractive to new recruits to the profession,” Peters added.

“There is always a pressure on skills in internal audit, particularly at the higher levels.

“There are not enough people available to fill all the internal audit roles, so we are clearly very keen to attract new people into the profession and to encourage more people to do the institute’s qualifications.”

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