International Professional Practice Framework Update
New edition of internal auditing guide responds to profession’s rapid evolution
LAKE MARY, Fla. (March 21, 2017) — Like Gray’s Anatomy for doctors, the Uniform Building Code for builders and the Associated Press Stylebook for journalists, internal auditors rely on one book for professional guidance, The Institute of Internal Auditors’ (IIA) International Professional Practices Framework (IPPF).
A new edition of the IPPF, available through The IIA bookstore, provides a crucial update to a tool that has guided practitioners around the world for more than a generation. This refresh, just four years removed from the last update, reflects how quickly internal auditing is evolving in the 21st century.
“Dynamic and rapid changes to business risks pose an elusive challenge for organizations that must protect themselves from a myriads of dangers, from basic fraud and compliance failures to cyberattacks and reputational harm,” said IIA President and CEO Richard F. Chambers, CIA, QIAL, CGAP, CCSA, CRMA. “Having up-to-date guidance and tools that respond to the evolution of risk is vital for internal audit practitioners around the world.”
The update was driven primarily by revisions to the International Standards for the Professional Practice of Internal Auditing (Standards) finalized in 2016. The updated standards, which went into effect on Jan. 1, are critical for practitioners who operate in ever-evolving risk landscapes that impact all aspects of the organizations they serve. The changes reflect the evolving role of internal audit within organizations, especially as it relates to providing advisory services to management. One key revision provides internal auditors guidance on safeguarding their independence as their role as advisory service providers grows.
The IPPF is a collection of six guidance components that are fundamental to the practice of internal auditing: the definition of internal auditing, internal auditing’s mission statement, Code of Ethics, 10 Core Principles, mandatory and recommended guidance, and the Standards.