IESBA response to Institute of Internal Auditors (IIA) on the public consultation: Proposed Global Internal Audit Standards

Recently, IESBA provided a formal response to the Institute of Internal Auditors (IIA) on the public consultation: Proposed Global Internal Audit Standards. The IESBA commended the IIA’s efforts in making the proposed standards clearer and easier and agree that it is an important strategic priority and in the public interest to ensure international standards such as the IIA standards and IESBA Code remain fit-for-purpose and relevant in addressing key issues users of the standards face.

In IESBA’s response, the global ethics standards setting board highlighted the importance of a comprehensive framework, such as the IESBA’s conceptual framework, to assist internal auditors to identify, evaluate, and address threats to the principles set out in the proposed IIA standards when performing their internal audit function

The IESBA raised its concern in the use of well-established terms such as “independence” and “professional skepticism”, as these terms are generally used in the context of external audit and assurance engagements.