Mastering International Audit Protocols
In May 2023, the IIA released a draft of the new Global Internal Audit Standards with the intent of providing more effective standards for Internal Audit globally.
The new Global Internal Audit Standards were released on January 9, 2024, and will become effective on January 9, 2025. The previous version, the International Standards for the Professional Practice of Internal Auditing (IPPF), released in 2017, remains approved for use during a one-year transition period.
These Standards guide the worldwide professional practice of internal auditing, are principle-based, and serve as a basis for evaluating and elevating the quality of the internal audit function.
The release of the new Standards concludes a multiyear process by the International Internal Audit Standards Board. The Global Standards use 15 guiding principles to enable effective internal auditing. Each principle is supported by standards that contain requirements, considerations for implementation, and examples of evidence of conformance.
The IIA also released a two-way mapping document of the 2017 IPPF standards to the 2024 Global standards. This is the first segment on the IIA Global Standards. In this segment, we will overview the structure of the Standards and compare them to the 2017 Standards.
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 24 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. In 2011, as the Chief Audit Executive for an international construction/ engineering firm, she was involved in the active investigation of a joint venture fraud. The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M. Ms. Fountain is currently engaged in her own training and consulting business and is a regular trainer for the AICPA. Ms. Fountain is the author of three separate technical books. “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation. -“Leading The Internal Audit Function” and -“Ethics and The Internal Auditor Political Dilemma” were published by Taylor & Francis In addition Ms. Fountain was a contributing author to the certification program exam for the National Association of Accountants. She also has certificate programs on various on-line platforms. Ms. Fountain has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).
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