Presentation to the INTOSAI PSC May 2014 Phil Tarling, CIA, CRMA, CMIIA

1. Developing The International Standards for the Professional Practice of Internal Auditing Presentation to the INTOSAI PSC May 2014 Phil Tarling, CIA, CRMA, CMIIA Past Chairman of the IIA Board

2. Agenda • Development • Due Process • Standard-Setting Process • Operating Procedures • Administrative Support • Ensuring External Stakeholder Perspective

3. IIA Standards Development

4. Due Process

5. International Internal Audit Standards Board - IIASB • Develops, issues, maintains, and promotes the Standards • 14 members representing IA profession and its stakeholders • Cross-section of geographic areas & industries • Broad experience • Senior-level

6. Standard-Setting Process • Developed and updated by IIASB • 90-day exposure period distributed to members, stakeholders, and other professionals • Incorporates review of Global Ethics Committee to ensure compliance with IIA’s Code of Ethics

7. Standard-Setting Process • Final approvals • IIASB and IPPF Oversight Council • Requires approval 2/3 membership for each • Substantive disagreement arbitrated by Global Board of Directors or designated committee • Reviewed every 3 years to remain current, relevant and timely

8. IIASB Operating Procedures • 5 Subcommittees based on topic • Chair and 3-4 members • Coordination and Communication • 2 face-to-face meetings per year • 2 quarterly web meetings with full board • Separate subcommittee web meetings as required • Regular communication via email

9. Administrative Support • Designated staff liaison - Director, Standards and Guidance. • Technical writers and editorial staff available

10. Ensuring External Stakeholder Perspective

11. Engaging External Stakeholders • Serve on the IIASB • INTOSAI • Association of Chartered Certified Accountants (ACCA) • 90 Day Exposure Process • IPPF Oversight Council

12. QUESTIONS