Institutes consult on unified internal audit standards

16 Jul 12
CIPFA and the Chartered Institute of Internal Auditors are seeking views on a new set of internal audit standards for the public sector.
By Vivienne Russell | 16 July 2012

CIPFA and the Chartered Institute of Internal Auditors are seeking views on a new set of internal audit standards for the public sector.

The Public Sector Internal Audit Standards (PSIAS) have been developed by the two institutes following a collaboration announced in May 2011. They would be the first unified set of internal audit standards in use across the UK public sector.

CIPFA and the IIA’s consultation on PSIAS begins today. It is being proposed that the standards come into force from April 1 2013 and apply across the UK in central government, local government and the NHS (excluding foundation trusts). There would also be an opportunity for other parts of the public sector to adopt them.

CIPFA chief executive Steve Freer said: ‘Both institutes have a strong interest in the development of internal audit in the public services and it therefore makes sense for us to collaborate in this area.

‘As the public services adapt to reduced funding and roll out major reform programmes, effective internal audit is more crucial than ever in ensuring transparency and accountability in managing financial and other risks.’

Ian Peters, IIA chief executive, added that organisations stood to gain from a more consistent internal audit framework, closely modelled on the IIA’s global standards.

The proposed standards have been reviewed by the Internal Audit Standards Advisory Board. The consultation ends on September 14.

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