IIA-UK & Ireland Achieve Chartered Status

February 22, 2010

The professional body which represents more than 8,000 internal auditors in the UK and Ireland will be awarded chartered status. The Institute of Internal Auditors of the UK and Ireland (IIA-UK & Ireland), which was formed in 1948, will become the Chartered Institute of Internal Auditors, effective October 1, 2010.  

IIA-UK & Ireland Institute President Dr. Sarah Blackburn, who led the project to attain the status, said, "This is a major milestone in the development of the internal audit profession. The award of chartered status is public acknowledgement of the importance of internal auditing in helping organisations manage their risks better as part of good governance. It comes at a time when risk management and corporate governance have never been a higher priority."  

Institute Chief Executive Dr. Ian Peters said, “The award of chartered status is a timely boost to our strategy. The internal audit profession has much to contribute to the corporate governance arena. Our aim is to increase our involvement in the development of public policy and also ensure that individual organisations have the highest levels of specialist internal auditing knowledge and skills.” Chartered status is awarded by the Privy Council to organisations working in the public interest, usually professional bodies that demonstrate pre-eminence, stability and permanence in their particular field. Currently, there are approximately 400 active chartered bodies. The success of the economy and wider society in the UK and Ireland is dependent on the success of their organisations - whether they create wealth or deliver public services. Internal auditing’s focus on improving the effectiveness of organisations through risk management, internal control and good governance is therefore of clear public importance. 

The Benefits of Chartered Status include:

• Acknowledgement that internal audit professionals are experts in their field. Suitably qualified members of the new Chartered Institute of Internal Auditors will be able to call themselves Chartered Internal Auditors, placing them on a par with other qualified professionals.
• Enhanced stature for organizations employing Chartered Internal Auditors, giving credibility to their risk management, internal control, and governance practices. It will raise the profile of internal auditing internally and externally, and will encourage boards and management to maximize the assurance benefits of internal auditing.
• Promotion of The Institute's position of influence as the leading voice of the profession and enhance its contribution to the public interest.