The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Chartered Institute of Internal Auditors (IIA) today announced 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 audit.
"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.