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Internal Audit Quality
BY RAJIV THAKUR
New Internal Audit Standards
The International Standards for the Amendments to Attribute
Professional Practice of Internal Auditing Standards:
(Standards) have been revised effective The amendments and its possible effects
from January 01, 2017. to this section are covered below:
This is a summary of the main changes. 1000 - Purpose, Authority and
Responsibility: The purpose, authority
The International Professional Practice beyond internal auditing such as and responsibility of the Internal
Framework (IPPF) last revised in 2015 compliance, risk management, etc. Audit Department must be defined
was introduced with a new Mission These Standards were amended after in the Internal Audit Charter and be
of Internal Audit and the Mandatory considering the revision to IPPF and consistent with the Mission of Internal
Guidance Section was also introduced with also considering the additional roles and Audit and the mandatory elements of
10 Core Principles for the Professional responsibilities of the CAEs so that the IPPF consisting of Core Principles as
Practice of Internal Auditing. Further, the independence is not compromised and the introduced in the revised IPPF. Thus, a
roles and responsibilities of the CAEs are Internal Audit Department adds value to revision to the Internal Audit Charter is
ever changing considering the business the entity. demanded incorporating the Mission of
requirements and the CAEs are also The revision to the Standards have occurred Internal Audit and Core Principles.
entrusted with many other responsibilities under many headings. These are broadly 1110.A1: Organizational Independence
covered in the following two categories: – Generally, the Internal Audit
Department must be free from any
interference in determining the scope
of internal auditing, performing work
and communicating results. Where an
25 INTERNAL AUDITOR - MIDDLE EAST MARCH 2017
