The IIA has released for public comment a draft update of its Standards.
I believe it is important for everybody who shares my desire to advance the internal audit profession and its practices to review and share feedback on the draft.
X
I took my time in carefully reviewing the draft, line by line, and then sat back to reflect.
Everybody should, in my opinion, do the same.
X
The IIA Standards Board, leadership, and staff spent most of 2022 working on this renewal of the Standards. I congratulate them on the significant changes, including some that I have been talking about for years.
I was looking forward to a document that would recognize and promote the development of efficient and effective practices around the world. One change that I am pleased to see they have made is the need to update the internal audit plan as conditions change, at the speed of risk and the business.
I was hoping that I could get behind a new set of Standards and promote it actively.
I am unable to do that.
X
Unfortunately, the IIA’s survey (which I was happy to complete) does not include a request to assess whether the draft should be approved, approved with minor changes, approved only after specific major changes are made, or otherwise.
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I decided to write what is essentially an audit report to communicate my overall assessment…
