The Institute of Internal Auditors has announced that the International Standards for the Professional Practice of Internal Auditing become mandatory from 1 January 2011.
The purpose of the Standards is to:
1. Delineate basic principles that represent the practice of internal auditing.
2. Provide a framework for performing and promoting a broad range of value-added
3. Establish the basis for the evaluation of internal audit performance.
4. Foster improved organizational processes and operations.
The Standards are principles-focused, mandatory requirements consisting of:
– Statements of basic requirements for the professional practice of internal auditing and
for evaluating the effectiveness of performance, which are internationally applicable at
organizational and individual levels.
– Interpretations, which clarify terms or concepts within the Statements.