Proposed Global Internal Audit Standards now open for consultation.
Provide your comments before 30 May 2023
2 Apr 23•
My Audit Spot
The International Professional Practices Framework (IPPF) is a set of professional standards and guidelines that provide a framework for internal auditors to follow in carrying out their work. The IPPF is published by the Institute of Internal Auditors (IIA), and it has been widely adopted by internal auditors around the world.
The current IPPF was last updated in 2015, and it consists of the following elements:
- The International Standards for the Professional Practice of Internal Auditing (Standards)
- The Code of Ethics
- Practice Advisories
- Practice Guides
- Position Papers
- Global Technology Audit Guides (GTAGs)
The new IPPF consultation, which was released in late 2021, proposes a number of changes to the existing IPPF. The consultation is designed to solicit feedback from internal auditors, stakeholders, and other interested parties on the proposed changes, which include:
- Restructuring the IPPF to create a more user-friendly framework
- Updating the Standards to reflect changes in the business environment and emerging risks
- Enhancing the guidance on governance, risk management, and control
- Updating the Code of Ethics to address emerging ethical issues
- Improving the guidance on technology and data analytics
- Enhancing the guidance on stakeholder engagement and communication
Overall, the new IPPF consultation represents an effort to keep the IPPF relevant and useful for internal auditors in a rapidly changing business environment. It is designed to ensure that the IPPF continues to provide a strong foundation for the practice of internal auditing and helps internal auditors to add value to their organisations.
The consultation period closes on 30 May 2023.