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January 2012

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2012 Standards Exposure

The International Internal Auditing Standards Board (IIASB) develops and monitors the International Standards for the Professional Practice of Internal Auditing (Standards). Because the Standards are mandatory and have pervasive impact on internal auditors worldwide, any changes must be exposed for public comment before being adopted. At its December 2011 meeting, the IIASB decided to expose proposed Standards changes in 2012. The exposure period will be for ninety (90) days beginning Feb. 20, 2012.

The exposure will be communicated to members and internal audit practitioners opted into IIA email in a web-based survey format displaying the existing Standards and highlighting the proposed changes on Feb. 20, 2012. The Exposure is expected to be translated into French and Spanish. We will inform you if these translations will be available.

We would like to outline the upcoming activities that will require your chapter’s participation and support in order for this process to be successful.

• Standards exposure period: Feb. 20–May 20, 2012. The exposure survey will be open to the public for comment. We will send you a web link to the exposure survey prior to Feb. 20. We need your help in communicating this survey to the members, internal audit practitioners, and stakeholders in your chapter area so that they are aware of this opportunity to comment on the proposed changes to the Standards. All individuals must submit their comments using the online survey tool. Organizations and institutes are encouraged to respond using the online survey. If they choose to respond via letter, please send it to: iia-exposure@theiia.org .
   
• Final Standards release and translation: The IIASB members will receive results for their analysis of the public exposure prior to their in-person meeting July 12–13, 2012. At that meeting, the IIASB will review and discuss the comments received from the exposure and try to finalize the Standards revisions. As part of thenew process, it is now required that the IPPF Oversight Council, as an independent body, review the IIA’s standards-setting due process prior to the Standards revision release. Once the revised Standards are released in English, it is expected that the Institutes will have two to three months to translate the revised Standards intotheir local languages. Currently, the target timing to release the final revised Standards is approximately Oct. 2012, and the effective date is expected to beJan. 1, 2013. 

On behalf of the IIASB, we appreciate your continuous support of the International Standards for the Professional Practice of Internal Auditing (Standards). Should you have any questions, please email iia-exposure@theiia.org.