The Institute of Internal Auditors (IIA) has released a revised set of professional standards for the practice of internal audit (Standards) for public exposure and comment. The comment period is open through May 30, 2023, and The IIA encourages feedback through its online survey. We call upon every internal audit practitioner to make their voice heard. This is your opportunity to help shape the future of your profession.
This long-awaited transformation marks a major milestone in the continued evolution of internal audit, and The IIA’s exposure release has generated significant discussion. It’s our goal to help keep the discussion as constructive as possible, so that the internal audit community can respectfully work together to clarify and define its shared standards of performance and behavior. Accordingly, we write not to critique The IIA’s proposal, but rather to raise awareness about some of the changes that could have long-term impacts on internal auditors’ day-to-day responsibilities.
We understand the complexity, difficulty, and magnitude of The IIA’s efforts in undertaking this transformation. We have been in their shoes. We first worked together roughly 25 years ago to help craft what were the most sweeping reforms to the Standards in IIA history at that time. Each of us later chaired the International Internal Audit Standards Board (IIASB), and Patty served on two task forces responsible for revamping and continually enhancing The IIA’s International Professional Practices Framework (IPPF). Patty is a former IIA Global Chairman, and Richard served as IIA Global President and CEO for 12 years. All this to say, we have profound respect and admiration for the work that has gone into these proposals, and we care deeply about helping to ensure that The IIA achieves its stated objectives. It is in this spirit that we call attention to six of the most potentially impactful proposed changes that we think every internal auditor should understand.