ACCA welcomes the IIA’s Proposed Global Internal Audit Standards and commends the IIA for moving forward with the revisions. We are very pleased that the IIA’s revisions also aim to enhance the Internal Audit profession’s role in the public interest.
We support the change from International Professional Practices Framework (IPPF) to Global Internal Audit Standards (GIAS), making it very clear what this framework represents. The change was also supported by the views of our stakeholders. We also support the IIA’s decision to replace the definition of Internal Audit with the Proposed Purpose of Internal Auditing, subject to our specific comments noted below.
While we welcome the comprehensive approach taken in developing the proposed GIAS, some of our stakeholders noted that it is still following the extant approach of Internal Audit which appears to be aiming at large and complex organisations. We therefore suggest that the IIA ensures that the proposed requirements can be scalable and that it provides guidance in
instances where that is not straightforward.
To read the response in full, please download the consultation response document on this page.