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The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Chartered Institute of Internal Auditors (IIA) are pleased to announce the launch of a public consultation on the first unified set of public sector internal audit standards. The collaboration announced by both CIPFA and IIA in May 2011 led to an agreement between the Relevant Internal Audit Standard Setters1 to develop UK Public Sector Internal Audit Standards (PSIAS).
The PSIAS have been 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), with the opportunity for other areas of the public sector to adopt them. They have been reviewed by the Internal Audit Standards Advisory Board (IASAB) which was formed in March 2012 to provide oversight and challenge for the development of the standards.
It is currently proposed that PSIAS will come into force from 1 April 2013 and, together with the work of the IASAB, they will provide a:
CIPFA Chief Executive, Steve Freer, said:
‘Both institutes have a strong interest in the development of internal audit in the public services and it therefore makes sense for us to collaborate in this area. As the public services adapt to reduced funding and roll out major reform programmes, effective internal audit is more crucial than ever in ensuring transparency and accountability in managing financial and other risks’.
IIA Chief Executive, Dr Ian Peters, said:
‘Collaboration between the IIA in the UK and CIPFA demonstrates the commitment of both organisations to work together to develop the internal auditing profession in the public sector. Organisations stand to gain from the consistent framework provided by the new Public Sector Internal Audit Standards which are based closely on our global standards, and other mandatory elements of our International Professional Practices Framework.
The consultation runs until Friday 14 September and the documents can be obtained by emailing email@example.com
CIPFA Contact: Tim Windle
CIPFA Press Office
t 0207 543 5787
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 IASAB Terms of Reference and other papers are available.
3 The consultation runs until Friday 14 September and the documents can be obtained by emailing firstname.lastname@example.org
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.
About the IIA
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.