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Proposed new guidance outlines 12 principles for internal auditing

by Ken Tysiac | Aug 13, 2014   ()

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) on Monday 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.”

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Source: Journal of Accountancy

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