Strengthens how internal audit protects the public interest through international standards and good governance at The IIA
LAKE MARY, Florida., May 2, 2022 /PRNewswire/ — Continuing a longstanding tradition that began in the 1990s, the Institute of Internal Auditors observes “International Internal Audit Awareness Month“every May – a time for internal auditors around the world to share examples of how the profession brings value to organizations, highlighting the profession’s commitment to good governance and risk management , and explain how internal auditors protect the public interest.
“Internal Audit Awareness Month is an important opportunity to educate stakeholders and the public about the vital role internal auditors play in organizations and governments of all sizes,” said Anthony Pugliese, CIA, CPA, CGMA, CITP, President and CEO of The IIA. “Every day, internal auditors work to reduce risk, ensure businesses operate efficiently, deliver value to their organizations, and protect stakeholders. You can find us across all sectors and industries, from the biggest brands global small family businesses. the average person may not realize how much of an impact we have on your life, but the moment you arrive at the office in the morning – or log into your computer if you are a worker remotely – you’ve probably interacted with multiple devices, products, or systems that have been made more secure with the assurance provided by an internal auditor.”
Internal auditing is an independent, objective assurance and consulting activity designed to improve and preserve organizational value. It helps a company achieve its objectives by adopting a systematic and disciplined approach to evaluating and improving the effectiveness of risk management, control and governance processes. Effective internal audit supports good organizational governance and control, which builds trust and builds credibility among the institution’s stakeholders.
As the business evolves, so does the role of the internal auditor. In the past year alone, internal auditors:
- played a vital role in helping organizations respond to the COVID-19 pandemic;
- began ensuring the integrity and compliance of major infrastructure projects that are part of the Infrastructure Investment and Jobs Act;
- continue to help organizations ensure compliance with emerging regulations related to environmental, social and governance (ESG) initiatives and manage the implications of these increasingly important measures;
- has taken on increased importance in helping businesses prepare for – and respond to – unprecedented cybersecurity risks.
Internal auditors also have an important responsibility in protecting the public interest. IIAs International standards under the International Professional Practices Framework (IPPF) strengthen the ability of internal auditors to provide independent and objective assurance to boards and management, enabling internal auditors to build trust between internal and external stakeholders, including the public, which is essential for business and society.
To ensure that The IIA Standards keep pace with the changing nature of business and serve the public interest, a Setting standards in the public interest framework was recently published by an independent IPPF Oversight Council which includes representatives of the International Federation of Accountants (IFAC); National Association of Corporate Directors (NACD); International Organization of Supreme Audit Institutions (INTOSAI); Organization for Economic Co-operation and Development (OECD); and the World Bank.
“The IPPF Supervisory Board has reviewed the IIA’s standards structure and processes,” said High Prinsloo, Chairman of the IPPF Supervisory Board. “The Board believes that an internal audit activity aligned with the Standards follows best-in-class procedures to protect the public interest and achieve the mission of internal audit: to enhance and protect organizational value by providing guidance and objective and risk-based information.
“The world is changing faster than ever, and internal audit is at the heart of it all,” Pugliese said. “With new risks, opportunities, and regulations emerging every day, internal auditors have a tremendous opportunity to guide their organizations through historic changes. We are constantly honing the skills of internal auditors to meet the needs of rapidly changing businesses and global circumstances. Internal Audit Awareness Month is dedicated to recognizing how internal auditors move businesses forward. This month, we are recognizing internal auditors around the world and inviting the next generation of internal auditors learn more about this wonderful profession.”
Director – Communications, Public Relations and Media (IIA)
About the Institute of Internal Auditors
The Institute of Internal Auditors (IIA) is an international professional association with more than 210,000 members and has awarded 180,000 Certified Internal Auditor (CIA) designations worldwide. The IIA is recognized as the internal auditing profession’s leader in standards, assurance, education, research, and technical guidance worldwide.
SOURCE The Institute of Internal Auditors