PROTIVITI FLASH REPORT
The IIA Proposes Revisions and New Standards to its International
Professional Practices Framework
March 4, 2010
On February 15, 2010, The Institute of Internal Auditors (IIA) opened a 90-day comment period
on proposed revised and new Standards for the International Standards for the Professional
Practice of Internal Auditing. The IIA’s Internal Audit Standards Board (IASB) periodically
reviews all of The IIA’s guidance (at least once every three years). It is proposing three new
Standards, 14 changes to existing Standards, deletion of two Standards, and edits and
deletions to some glossary terms.
The most significant changes include:
 Mandatory guidance when audit opinions are issued
 Requirements for external service providers that serve as the internal audit department to
make the organization aware that it has the responsibility for maintaining an effective
internal audit activity, which includes implementing a quality assurance and improvement
program
 Clarification of the need for internal audit to functionally report to the board of directors along
with examples of how this might occur
 Rewording of the criteria for a qualified external assessment reviewer or review team
 Clarification on when it is appropriate to use the phrase “Conforms with the International
Standards for the Professional Practice of Internal Auditing”
 Clarification on how to assess risk management effectiveness
 Redefining the term “adding value”
The changes are in the spirit of The IIA seeking to continuously improve the mandatory
guidance of its International Professional Practices Framework (IPPF) and will build further rigor
to the profession. Input from the practicing internal audit community is vital to the evolution of
the guidance that our profession follows.
The comment period closes May 14, 2010. Final modifications to the Standards will be released
in January 2011 after the IASB considers stakeholder feedback. We encourage all internal audit
professionals to review these proposed changes and provide their feedback to The IIA. For
access to the exposure instructions, online survey and a recorded webinar, visit:
http://www.theiia.org/guidance/standards-and-guidance/2010-Standards-Exposure/.
About Protiviti
Protiviti (www.protiviti.com) is a global business consulting and internal audit firm composed of
experts specializing in risk, advisory and transaction services. The firm helps solve problems in
finance and transactions, operations, technology, litigation, governance, risk, and compliance.
Protiviti’s highly trained, results-oriented professionals provide a unique perspective on a wide
range of critical business issues for clients in the Americas, Asia-Pacific, Europe and the Middle
East.
Protiviti has more than 60 locations worldwide and is a wholly owned subsidiary of Robert Half
International Inc. (NYSE symbol: RHI). Founded in 1948, Robert Half International is a member
of the S&P 500 index.
Contact
Robert B. Hirth Jr.
Executive Vice President – Global Internal Audit
+1.415.402.3621
robert.hirth@protiviti.com
© 2010 Protiviti Inc. An Equal Opportunity Employer.
Protiviti is not licensed or registered as a public accounting firm and
does not issue opinions on financial statements or offer attestation services.