Every now and then, regulatory bodies around the world issue guidance documents that make a profound statement about internal auditing. Last week, the U.S. Federal Reserve issued some new guidance that clearly falls into that category. 

This year marks the 35th anniversary of The IIA’s International Standards for the Professional Practice of Internal Auditing (Standards). Over the years, the Standards has become recognized as a critical means by which internal auditing’s stakeholders gain assurance on the quality of internal audit’s work. Conforming with the Standards lets our stakeholders know that the internal audit function is a reliable resource because it’s independent; operates with a high degree of professionalism; is staffed with ethical, objective professionals; and adds true value to the organization. As such, The IIA’s Code of Ethics and Certified Internal Auditor designation make conformance with the Standards a requirement for IIA members, IIA certification holders, and candidates. 

Over the years, one of the practices I have followed in writing my blog is to open the year by sharing five New Year’s resolutions that every internal auditor should make. As I noted last year, these are not the typical resolutions about losing weight or exercising more — although some of us could certainly benefit from such resolutions as well.