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05 December 2016

Revised IIA Standards 2017 - what's coming?

By Tom Ryan

The revision to IIA Standards is here and it brings important changes that every internal auditor must adhere to. Is your internal department prepared for these changes?

The Institute of Internal Auditors (IIA) is the leader of driving best practice within internal audit and the author of International Standards for the Professional Practice of Internal Auditing, referred to as “Standards” in this blog.

The IIA Standards are principle-focused and provide a statement for performing and promoting internal auditing. The Standards provide mandatory requirements including evaluation, prerequisites for the professional practice of the internal audit practice, interpretations and glossary terms. The IIA advises considering both statements and their interpretations in order to fully understand and apply the Standards properly.

Recently, the IIA has published changes to these Standards. Effective from 1st January, the Standards have been based on feedback from consultations taking place between February to May 2016 and the total responses from individuals and organisations worldwide.

From the start of new year, the proposed new Standards will include: two new Standards, alignment of the Standards to the Core Principles and updates to existing Standards.

To view the revised Standards, click here >>

How will these changes affect my internal audit department?

As the new changes come to life, we ask Mike Skrocki, CIA and Professional Services Consultant at Ideagen explain what these changes will mean to internal departments. He commented:

“The new Standards have the potential to affect many internal audit departments across the audit industry. Those audit departments that not only take on the responsibility of performing the internal audit function, but also the compliance and/or risk management functions for their organisations will need to work closely with their governing board to oversee and periodically evaluate these activities to ensure there is no impairment to independence and objectivity. The Standards have also become more aligned to the core principles to allow audit departments to focus on the strategies and risks of their organisation. This will give audit departments even more ability to provide beneficial audits and services to their organisation that aligns with their current and future goals, making internal audit a vital asset in the future success of the company. The new standards have also updated the required communication from the CAE to the Board and Senior Management and the requirements for audit departments to have a robust quality assurance and improvement program in place. These updates ensure an open line of communication between the audit department and Board, and will also help audit departments define their own QAIP program that meets IIA standards.”

Ideagen Pentana is aligned with the IIA standards and delivers the best of breed solution for internal auditing. It supports a risk-based approach to internal audit that drives compliance, productivity, agility and reputational integrity not just through your internal audit processes, but also more widely throughout your business and operations. It is an enterprise software product that leverages Ideagen’s compliance and risk management portfolio, expertise and technology base which underpins the three lines of defence within your organisation. Moreover, the risk-based model drives performance improvements not just in the audit team but throughout management and operations, protecting your brand reputation by enabling the anticipation and prevention of failures.

To speak to our team and learn how you can benefit from using a complete risk-based audit automation software, fully affiliated with the IIA Standards, contact us here today >>
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