Academic journal article Journal of Accountancy

Proposed Changes to Guidance Followed by Internal Auditors Include a New Mission Statement and a Set of 12 Core Principles That Highlight What Effective Internal Auditing Looks like in Practice

Academic journal article Journal of Accountancy

Proposed Changes to Guidance Followed by Internal Auditors Include a New Mission Statement and a Set of 12 Core Principles That Highlight What Effective Internal Auditing Looks like in Practice

Article excerpt

Proposed changes to guidance followed by internal auditors include a new mission statement and a set of 12 core principles that highlight what effective internal auditing looks like in practice.

The Institute of Internal Auditors (IIA) announced the proposed changes to the International Professional Practices Framework, which is promulgated by the IIA. The framework essentially is a blueprint supporting effective internal auditing.

The proposed new mission statement states that in each respective organization, internal audit strives "to enhance and protect organizational value by providing stakeholders with risk-based, objective and reliable assurance, advice and insight."

Adding the proposed principles would give the framework an element that has not existed previously Although the IIA's standards always have been considered principles-based, those principles have not previously been articulated in the framework.

The task force that proposed the update concluded that the 12 principles, taken as a whole, articulate internal audit effectiveness. For an internal audit function to be considered effective, all 12 principles must be present and operating effectively, according to the task force.

Under the proposed core principles, an internal auditor or internal audit function would:

1. Demonstrate uncompromised integrity.

2. …

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