The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Chartered Institute of Internal Auditors (IIA) are pleased to announce the formation of the UK Internal Audit Standards Advisory Board (IASAB). The collaboration announced by both Institutes in May 2011 has led to an agreement between the Relevant Internal Audit Standard Setters1 to develop UK-wide Public Sector Internal Audit Standards (PSIAS). The IASAB will provide oversight and challenge for this process.
The new unified set of internal audit standards will be based on the mandatory elements of the IIA’s International Professional Practices Framework, and it is proposed that they will apply across the UK to central and local government and the NHS (excluding foundation trusts). Other sectors and jurisdictions will be able to adopt PSIAS if they choose, and Monitor, the Government of the Republic of Ireland and the European Union have also nominated Board observers.
Janet Eilbeck has been appointed as independent Chair of the IASAB, following a competitive recruitment process. She was an assurance Partner at PWC until 2011, specialising in government and the broader public sector, including wide experience of internal audit2.
“I am delighted to have been appointed as the first Chair of IASAB. The Board will encompass an excellent range of internal audit experience. I look forward to leading it through the challenging formative period as it establishes its important role in the development of the first UK-wide Public Sector Internal Audit Standards.”
The IASAB held its inaugural meeting today, which will be followed by monthly meetings during the spring leading up to the planned release of the draft PSIAS for consultation in early summer.
CIPFA Press Office
T: 0207 543 5600
IIA Contact : Phil Gray
T 0207 819 1942
Notes to Editors:
1 The Relevant Internal Audit Standard Setters for public sector internal audit standards and guidance are:
Department of Finance and Personnel Northern Ireland
Department of Health
Chartered Institute of Public Finance and Accountancy
2 The complete list of Board Members:
Janet Eilbeck Independent (Chair)
Rachel Bowden RSM Tenon
Alison Caldwell Department of Finance and Personnel (NI)
Ian Carruthers CIPFA
Diane Cote London Stock Exchange
Gerry Cox South West Audit Partnership
Tim Crowley Mersey Internal Audit Agency
Simon Edge Wales Audit Office
Simon Maddocks London Borough of Croydon
Ally May Scottish Government
Alistair Morgan Department of Health
David Partington Audit North West
Mark Ripley Department of Work and Pensions
Arwel Thomas Welsh Government
Janine Wilson Angus Council
Chris Wobschall HM Treasury
Joan Curry Department for Expenditure and Reform (Eire)
Miranda Carter Monitor
Recruitment of an audit committee chair member is in progress, and the European Commission will shortly announce who its observer will be.
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance. They include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions. They are taught by our in-house CIPFA Education and Training Centre as well as other places of learning around the world. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. They include information and guidance, courses and conferences, property and asset management solutions, consultancy and interim people for a range of public sector clients. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services. This includes the development of local professional qualifications in African countries like Lesotho and Nigeria and in Europe in post conflict states in the Balkans.
The IIA has been leading the profession of internal auditing since 1948 and became the Chartered Institute of Internal Auditors on 1st October, 2010. It is the only body focused exclusively on internal auditing. Its International Standards and Code of Ethics bind a global community of over 170,000 internal auditors and over 8,000 members in the UK and Ireland. The IIA offers a postgraduate level professional qualification in two stages, leading initially to the PIIA (practitioner) designation and subsequently to the designation "CMIIA" (Chartered Internal Auditor), with an ongoing requirement for professional development and adherence to professional standards. The qualification assesses a combination of knowledge, understanding and professional competence.