UPDATES TO IIA FRAMEWORKBy
The revisions clarify the auditor’s role and make the Framework more comprehensible. The Institute of Internal Auditors (IIA) has updated its International Professional Practices Framework (IPPF)® to keep pace with current risks and standards as well as to strengthen the value of the internal audit. Some of the new features include a Mission of Internal Audit, which is “to enhance and protect organizational value by providing risk-based and objective assurance, advice and insight,” and Core Principles for the Professional Practice of Internal Auditing.
In addition, Practice Advisories will be replaced with Implementation Guidance over the next year. New guides will be released every quarter—two are currently available on the IIA’s website. Also, Supplemental Guidance will now be composed of Practice Guides, Global Technology Audit Guides (GTAGs), and Guides to the Assessment of IT Risks (GAIT).
The IPPF has served as a guide for internal audit professionals since 1947. The new provisions were effective July 6. Get more updates at http://bit.ly/IPPFupdates.