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Home arrow News arrow IIA Standards Update January 2004
IIA Standards Update January 2004

Effective January 2004, The Institute of Internal Auditors (IIA) has significantly revised its International Standards for the Professional Practice of Internal Auditing to reflect current risk management and governance requirements and also address consulting opportunities, as well as releasing engagement results to parties outside the organization.

 
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Professional Practice
New guidance paper “Managing the Business Risk of Fraud: A Practical Guide” released for comments

The ACFE, AICPA, and IIA have released an exposure draft of a joint project regarding guidance to organizations on establishing an approach to managing the risk of fraud. The paper will be open for comment through December 21, 2007.

 
Practice Advisory on Resource Management revised
coverThe IIA has updated Practice Advisory 2030-1: Resource Management. The update expands the previous Practice Advisory and provides further clarity on resource management.
 
IIA Reseach on Quality Assessment Reviews

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The IIA Research Foundation condected a survey titled Ëxternal Quality Assessment to identify the results, tools, techniques and lessons learned from organizations, which had recently undergone the exerternal Quality Assessment according IIA Standard 1312.

 
IIA Practice Advisories Revised
The IIA has amended four Practice Advisories to provide clarity on developing and maintaining a quality assessment program of internal audit activities.