2005 IIARF Annual Report

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During 2005 the focus for The IIA Research Foundation (IIARF) was evaluated and adjusted to be better aligned with IIA strategic objectives and guidance priorities and most effectively serve and advance the profession of internal auditing. In order to communicate this new strategy, The Board of Trustees adopted a new mission statement:

The Institute of Internal Auditors Research Foundation is the integrated research and educational products arm of The IIA dedicated to facilitating the effective management of the internal audit guidance life cycle and developing global guidance resources.

Through this new mission and operating strategy, The IIARF made significant contributions to the profession in 2005 by:

• Bringing research to members more quickly by reviewing and approving research proposals on a continuous basis in order to fund research studies in a more timely manner.
• Creating the Common Body of Knowledge (CBOK) study from The William G. Bishop III, CIA Memorial Fund. The CBOK study will be a global survey of the profession guided by a research team made up of members from the United States, Europe, South Africa, and Australia.
• Increasing awareness of The Foundation by outlining a detailed plan for The IIARF's 30th anniversary celebration in 2006.
• Reaching an increased number of global members by bringing the onsite bookstore to IIA events outside of the United States such as SOPAC, ACIIA and ECIIA.
• Partnering with affiliates and other organizations to fund pertinent research studies.
• Coordinating the development of research and educational products with the practices area of The IIA.

A Foundation Committed to Research and Education
The Foundation has worked diligently over the years to build rapport with leading practitioners, academics, and researchers who share its commitment to the profession. The Foundation's Board of Trustees and Board of Research and Education Advisors are comprised of a dedicated group of individuals who believe in the importance of timely research.

The Foundation maintains a strong belief in the value of conducting research and publishing reports that assists practitioners in fulfilling their daily responsibilities and serves to drive the profession forward. Many of the published reports are used to support IIA conference and seminar programs. Moving forward, CBOK will provide an ongoing source of information and guidance for the profession.

To ensure timely products on emerging business issues are produced, members of the Board of Trustees and the Board of Research and Education Advisors solicit suggestions from thoughtleaders in internal auditing, academia, and related business professions. These suggestions are reviewed and approved by the Trustees as future research priorities. The priorities are published, and proposals are solicited from leading researchers, educators, and practitioners around the world. Grants are awarded based on the quality of proposals received and the anticipated contribution the project will make to the profession.

Common Body of Knowledge (CBOK)
The William G. Bishop III, CIA, Memorial Fund
In memory of The IIA's late president, The William G. Bishop III, CIA Memorial Fund (The Fund) was established in 2004. The Fund will be underwriting the CBOK study. Throughout 2005 significant progress was made in bringing this project to life. One of the most important activities completed in 2005 was bringing onboard three leading internal audit research teams from around the world to perform the study. Engaging researchers from around the world will help to ensure that CBOK is a truly global project and one that will help the entire global business community better understand the practice of internal auditing.

Fundraising for the study continued throughout 2005 and by year end donations to The Fund totaled over US $310,000. To learn more about CBOK, please visit the new project Web site at www.theiia.org/cbok.