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Global Body to Oversee Development of Audit Standards

GRC Announcements | November 23, 2010

The Institute of Internal Auditors has announced the formation of the International Professional Practices Framework (IPPF) Oversight Council. This new body will begin by overseeing the process for developing authoritative guidance within the IPPF for internal audit professionals around the world.

The Oversight Council will evaluate and advise the IIA Global Board of Directors on the rigor of the IIA’s standard-setting processes. “Stakeholders are demanding that standard setters are subject to oversight,” said IPPF Oversight Council Chairman and IFAC Executive Director of Professional Standards, Jim Sylph.

Organizations represented on the Oversight Council include the International Federation of Accountants, the International Organization of Supreme Audit Institutions, the World Bank, the Organization for Economic Cooperation and Development, and the National Association of Corporate Directors. Also serving on the Council are the chairman emeritus of the Committee of...

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