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From the PPF to the I PPF

From the PPF to the I PPF. . . . what is changing, why it’s changing, and the expected outcomes. What is a framework?. A framework is a basic skeletal structure for classifying and organizing concepts or various elements. What is the PPF?. Professional Practices Framework.

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From the PPF to the I PPF

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  1. From the PPF to theIPPF . . . what is changing, why it’s changing, and the expected outcomes

  2. What is a framework? A framework is a basic skeletal structure for classifying and organizing concepts or various elements.

  3. What is the PPF? ProfessionalPracticesFramework

  4. What is the IPPF? International Professional Practices Framework

  5. PPF and IPPF Both provide a structure for the internal audit profession’s technical guidance.

  6. Why the change? Committed to delivering the most qualitative technical guidance for internal audit practitioners all around the world, The IIA wants to be internationally recognized as a trustworthy guidance-setting body.

  7. The change ensures: • More Clarity — what is authoritative, mandatory, and what is neither authoritative nor mandatory. • MoreTransparency — throughout the process life cycle, development to maintenance. • More Timeliness — in issuing guidance.

  8. How is the IPPF different?

  9. Key Differences • Changes of scope and structure • Development and maintenance process enhancements

  10. PPF This framework organizes all guidance developed and/or endorsed by The IIA. IPPF This framework organizes The IIA’s authoritative guidance. Scope and Structure

  11. Scope and Structure PPF IPPF REMOVED

  12. Authoritative Guidance

  13. The PPF

  14. The IPPF

  15. Process Enhancements IPPF Clarity, Transparency, Timeliness • Detailed development processes • Designated approval bodies • Clarified voting rules • Defined maintenance cycles • Publicly documented on The IIA Web site

  16. Process Enhancements IPPF oversight: An Internal Audit Standards Governance Board (IASGB) will be charged with reviewing the rigor and due process followed for the setting of Standards. The IASGB will include select members of the global IIA Board of Directors and persons representing major global organizations or regulators external to The IIA.

  17. Are there any changes to the content?

  18. Content Enhancements • Six new Standards. • Interpretations of existing Standards will enhance the understanding of current requirements. • A cleansing of existing Practice Advisories will ensure consistency in writing style, tone, and presentation.

  19. Content Enhancements • Position Papers • The Role of Internal Audit in Enterprise-wide Risk Management • The Role of Internal Auditing in Resourcing the Internal Audit Activity • GTAG • GAIT

  20. What will remain the same?

  21. No Change The Definition of Internal Auditing remains the same and the Code of Ethics had one minor change to ensure consistent grammar.

  22. Will a practitioner’s conformance be affected?

  23. No Change Conformance with the Standards under the IPPF is equal and identical to conformance under the PPF.

  24. IPPF Schedule • Interpretations of the Standards were exposed the first quarter of 2008. • The IPPF is scheduled for roll-out simultaneously in English, French, and Spanish, in January of 2009. • The soft release of the Standards only is October 1st, 2008, to allow a three-month preview before the IPPF is effective. • IPPF updates will be posted regularly to the Professional Guidance section of The IIA’s Web site.

  25. Outcomes • Improved Clarity • Reduced scope and clear definitions for elements • Improved Transparency • Public accessibility to development processes and plans • Improved Timeliness • Stringent maintenance and review cycles • Improved Rigor and Accountability • Garnered respect beyond boundaries of the profession • Continued Validityof current requirements • Consistency in regard to conformance with the Standards

  26. From the PPF INTERNATIONAL

  27. From the PPFto the IPPF INTERNATIONAL QUESTIONS?

  28. This presentation was developed by IIA Global Headquarters.

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