IPPF Represents New Guidance "Life Cycle"
The Institute of Internal Auditors (IIA) is internationally recognized as a trustworthy guidance-setting body. This is documented by The IIA's due diligence in regard to the prescriptive processes and procedures it has put in place for the establishment, transparency, timeliness, accountability, and oversight of its guidance.

In July, 2007, The IIA Board of Directors voted to approve the International Professional Practices Framework (IPPF), under the oversight of The IIA's Professional Practices Council. The IPPF will consist of "authoritative" guidance in two categories - mandatory and strongly recommended. The completed project will be rolled out in January, 2009, in The IIA's three core languages - English, French, and Spanish.

As is inherent in the existing Professional Practices Framework (PPF), the official definition of internal auditing, the Code of Ethics, and the International Standards for the Professional Practice of Internal Auditing (including implementation standards that encompass assurance and consulting standards), and Practice Advisories (including approaches, methodology, and considerations) are all part of the IPPF. Interpretations of the Standards, however, will be included in the IPPF, contributing to the fuller, more robust framework.

In addition, two new elements will be in the framework: (1) Practice Guides - detailed guidance such as tools, techniques, and programs; and (2) Position Papers - IIA statements designed to assist a wide range of interested parties in understanding significant governance, risk, and control issues and delineating the related roles and responsibilities of internal auditors.

Designed to simplify the entire guidance process, the IPPF delineates responsibilities for developing and approving each element of authoritative guidance; clarifies the roles of institutes in reviewing global guidance and issuing local guidance; and fine-tunes the exposure and approval timeframes for new guidance.

The IIA's Professional Practices Council is responsible for establishing guidance strategy, setting priorities for the issuance of IIA guidance, coordinating the IPPF processes, and disseminating information related to its oversight activities to The IIA's Board of Directors, various IIA international committees and staff involved with the IPPF, and internal audit stakeholders. In addition, the Professional Practices Council will coordinate the approval and issuance of guidance by its committees to ensure consistency with the IPPF and transparency of the processes.

In addition, The IIA Board of Directors will appoint an Internal Audit Standards Oversight Board to evaluate the rigor of the standard-setting process. Independent of the Professional Practices Council, this oversight body will include stakeholders external to The Institute and select members of The IIA's global board.

According to IIA Vice President of Professional Practices Susan Lione, CIA, the IPPF establishes a streamlined approach to developing and disseminating authoritative guidance to internal audit practitioners. "The outcome of this new framework," says Lione, "is that our members will get the guidance and interpretations they need in a timelier, more comprehensive manner than they did in the past. And that's a good thing!"

In regard to the global business marketplace, the implications will reach far beyond the internal audit profession. "Other professional bodies around the world will place more reliance on The Institute," says IIA Chief Advocacy Officer Dominique Vincenti, CIA. "It's all about clarity, transparency, and due diligence. We will achieve this by simplifying our concepts, documenting and enforcing our guidance-setting processes, securing independent oversight, and engaging in rigorous accountability - all of which will position The IIA among the ranks of the most highly respected international standard-setting bodies."

For more information, visit the Professional Guidance section of The IIA's Web site.