Updated Version Reflects Important Changes Sought by the Internal Audit Profession
LAKE MARY, Fla., Sept. 29, 2023 /PRNewswire/ — The Institute of Internal Auditors (The IIA) – the internal audit profession’s leader in standards, certifications, education, research, and technical guidance worldwide – applauds the Public Company Accounting Oversight Board (PCAOB) for incorporating requested changes in the final issuance of their revised auditing standard, “The Auditor’s Use of Confirmation, and Other Proposed Amendments to PCAOB Standards.”
The updated version, issued on September 28th, removes problematic language which could be construed as indicating that internal auditors are not inherently trustworthy and unable to exercise due care in the performance of their duties. The IIA took issue with these perceived attacks on the internal audit profession’s integrity and publicly opposed the draft in a comment letter submitted to the PCAOB earlier this year. The IIA also discussed the rationale for their feedback in various meetings with the Board’s members.
“I’d like to thank the PCAOB and the Board members who engaged with The IIA in a meaningful discussion on the concerns that we…
