The most significant changes reflect the evolving roles and responsibilities of the Chief Audit Executive (CAE). Two new standards acknowledge evolving demands on the CAE and the resulting potential for impairment to objectivity. Other changes to the Standards focus on aligning with the 10 Core Principles, introduced as part of last year’s update to The IIA’s International Professional Practices Framework (IPPF).
The Core Principles reflect fundamental tenets of the profession that were practiced but not formally articulated before the IPPF update. The update reasons that, for an internal audit function to be considered effective, all Principles should be present. Two of the Principles, for example, state that internal audit “aligns with strategies, objectives, and risks of the organization,” and “is insightful, proactive, and future-focused.”
“The IIA was cognizant that adding the Core Principles to the IPPF would require incorporating those Principles into the Standards,” said IIA President and CEO Richard F. Chambers, CIA, QIAL, CGAP, CCSA, CRMA. “This crucial alignment, along with the two new standards that address the changing role of the CAE, reflect The IIA’s commitment to meeting the changing needs of internal auditors.”
Full press release
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