The Institute of Internal Auditors

May 2008 Newsletter

Dear Colleagues:

First of all, I extend a happy Mother’s Day and best wishes to all the moms in our chapter. Recently, the IIA's Board of Directors approved the International Professional Practices Framework (IPPF), underthe oversight of The IIA's Professional Practices Council. This framework intends to provide statements of basic requirements for professional practice of internal auditing and for evaluating effectiveness ofits performance, which are internationally applicable at organizational and individual levels. This framework is planned to be rolled out in January 2009. The IPPF's new structures and associated processeswill ensure that authoritative guidance is current, relevant, and internationally consistent. I believe it will be very helpful for our profession to have this framework in place as a guide. On a similar note, themovement toward International Financial Reporting Standards (IFRS) as a single set of globally accepted accounting standards is quickly gathering momentum. IFRS is rapidly gaining acceptance around theworld, spurring U.S. companies to assess the potential implications of adopting the standard. The bottom line: By 2011, almost every country around the world could be using IFRS to some extent, includingthe United States. As we come close to our year-end, I encourage all members to consider attending our breakfast, lunch and dinner events planned for the next several weeks. I look forward to seeingthose members who will attend our sold-out Fraud Seminar. Thank you for your continued support.

Kevin Wijayawickrama, CIA, CISA

President


	May 2008 Newsletter Dear Colleagues: First of all, I extend a happy Mother’s Day and best wishes to all the moms in our chapter. Recently, the IIA's Board of Directors approved the International Professional Practices Framework (IPPF), underthe oversight of The IIA's Professional Practices Council. This framework intends to provide statements of basic requirements for professional practice of internal auditing and for evaluating effectiveness ofits performance, which are internationally applicable at organizational and individual levels. This framework is planned to be rolled out in January 2009. The IPPF's new structures and associated processeswill ensure that authoritative guidance is current, relevant, and internationally consistent. I believe it will be very helpful for our profession to have this framework in place as a guide. On a similar note, themovement toward International Financial Reporting Standards (IFRS) as a single set of globally accepted accounting standards is quickly gathering momentum. IFRS is rapidly gaining acceptance around theworld, spurring U.S. companies to assess the potential implications of adopting the standard. The bottom line: By 2011, almost every country around the world could be using IFRS to some extent, includingthe United States. As we come close to our year-end, I encourage all members to consider attending our breakfast, lunch and dinner events planned for the next several weeks. I look forward to seeingthose members who will attend our sold-out Fraud Seminar. Thank you for your continued support. Kevin Wijayawickrama, CIA, CISA President


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