New: International Standards for the Professional Practice of Internal Auditing

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
internal auditing.
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.

See: The Institute of Internal Auditing РAustralia

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