My congratulations to my friend, Jason Mefford (CEO of cRisk Academy) for a very interesting video discussion of the draft Standards.
He moderated a 90 minute debate with:
A number of very good points were made and it’s well worth spending the time to listen (its free).
I certainly hope the IIA staff and Standards Board members absorb the comments.
The panelists discussed whether the draft is a set of standards or a framework, and whether it really is principles-based or prescriptive.
They also discussed replacing the existing Mission, Definition, and Core Principles with the Purpose statement. They agreed it was a step back, not forward.
One of the questions that arises for me is “what is the purpose of the Standards?” In my letter to the IIA and Standards Board, I said:
In my opinion, they should serve as a basis for the effective and efficient professional practice of internal auditing across the globe.
They should establish what must be done, otherwise it is highly unlikely that internal auditing will be effective in delivering the assurance, advice, and insight on risks to the achievement of enterprise objectives that leaders of the organization (in management and on the board) need.
That foundation is then supplemented by recommended practices (“should”) that will in all likelihood lead to…
