Month: April 2023

The Institute of Internal Auditors released an exposure draft of Global Internal Audit Standards (“draft GIAS”).  These standards will affect the Internal Audit profession and all who rely on it – the board, management, investors, and the public.  Here are six areas I suggest for improvement. 

Public interest. objectives of organization:  The draft GIAS mentions “public interest”, including the premise that GIAS are set in the public interest.  This has aroused spirited comments on social media.   (Read More)

The Institute of Internal Auditors has released an exposure draft of Global Internal Audit Standards (“draft GIAS”).  These standards will affect the Internal Audit profession and all who rely on it.  Here are five things I liked – at least, mostly. 

1. Necessity and Timing: It has been six years since the International Professional Practices Framework (IPPF) was revised.  The world has changed, other relevant standards have changed, and more is expected of Internal Audit.   For example, COSO released supplemental guidance “Achieving Effective Internal Control over Sustainability Reporting (ICSR)” in March 2023[1].  This document highlights roles for Internal Audit. It introduced “ICSR” into the lexicon. People are already talking about “sustainability SOX testing”.  The timing is good.   (Read More)

[1] I was a principal author of this supplemental guidance.  The document can be accessed on the COSO website, as well as from the home page of www.douglashileman.com.