In the Fourth Quarter 2002 issue of SRC Insights, John Shaffer, Senior Vice President and General Auditor at the Federal Reserve Bank of Philadelphia, introduced readers to The Institute of Internal Auditors' (The IIA) Professional Practices Framework. In that article, Mr. Shaffer reviewed the PPF and its major elementsDefinition of Internal Auditing, Ethics, Standards, Practice Advisories, and Development and Practice Aidsas approved by The IIA in June 1999.
On January 1, 2004, one of the significant mandatory elements of the PPF, the Standards, was revised. The Standards, which are now officially called the International Standards for the Professional Practice of Internal Auditing, have been updated to reflect current risk management and governance requirements, address consulting opportunities, and cover the release of results to parties outside the organization.
Some of the highlights include:
The views expressed in this article are those of the author and are not necessarily those of this Reserve Bank or the Federal Reserve System.