Changes to IIA Standards
2013 - 2014
IIA Bermuda Chapter Meeting
July 16, 2014
IPPF – Overview & Summary of Changes
Eighteen revisions to The IIA's
International Standards for the
Professional Practice of Internal
Auditing became effective Jan. 1,
2013. [previously reviewed in an
IIA(B) Lunch & Learn]
No new changes to the mandatory
guidance since.
In 2013 and 2014 there have been:
• 3 new Practice Advisories
• 2 new Practice Guides
New Practice Advisories

2320-4 Continuous Assurance
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Evaluation of control effectiveness continuously rather than
using more traditional periodic historic testing
Need for is driven by the rate of organizational change and risk
Continuous monitoring (owned by management) + continuous
auditing
New Practice Advisories (cont’d)

2120-3 Internal Audit Coverage of Risks to Achieving
Strategic Objectives
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Internal Audit should have an understanding of the
organization’s strategy, how it is executed, the associated risks,
and how these risks are being managed
The organization’s strategy should be a foundational element
when developing a risk-based audit plan
Plan should consider providing assurance services related to
strategic initiatives
New Practice Advisories (cont’d)

2320-3 Audit Sampling
•
Definitions of sampling, various methods, tolerable error,
drawing conclusions based on sampling, work paper
documentation, etc.
New Practice Guides

Auditing Anti-bribery and Anti-corruption Programs
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The global legislative landscape
Bribery and corruption risks and controls
Internal audit’s role in anti-corruption
Coordination with other compliance functions
Challenges that result when bribery and corruption reach high
levels
Comparisons of legislation in selected countries, examples of
risks and controls, and a sample audit program
In addition the practice guide identifies high-risk areas and red flags
for bribery and corruption, while providing audit steps to address each
high-risk area. Components of an effective anti-corruption program are
also discussed.
New Practice Guides (cont’d)

Selecting, Using, and Creating Maturity Models: A Tool for
Assurance and Consulting Engagements
Through providing insight into the purpose and power of
maturity models, the Practice Guide demonstrates that when
appropriately selected or designed and then subsequently applied,
maturity models can provide:
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A framework for envisioning the future, the desired state and the
development of improvement plans.
Benchmarks for the organization to compare its processes internally or
externally.
A mechanism to provide insight into the improvement path from an
immature to a mature process.
A disciplined method that is easy for management to understand and
implement.