IIA Standards for Internal Auditing – Supplementary Guidance Release
The IIA Standards for Internal Auditing were updated in 2016 with application from January 2017. Two new standards were introduced and several were amended. Now is the time to review and update your Internal Audit Charter to ensure your Charter and internal audit activity remains compliant to the Standards. A new Model Internal Audit Activity Charter was recently released to provide guidance to Chief Audit Executives and Audit Committees. OCM have deep experience in establishing and reviewing internal audit functions, so can provide assistance to ensure your Charter is not only compliant but reflective of best practice.
If you have not conducted an external quality assessment over your internal audit function, your function would benefit from an assessment to ensure your Audit Committee and Internal Audit Charters conform to the updated Standards, and that your practices continue to meet the requirements of the Standards. OCM staff have completed over 15 external quality assessments, self-assessments and validations, and our staff’s involvement with the IIA at national and international levels means that we are not only current in internal audit developments, but are more often than not leading the development.