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Institutes launch public sector audit review

CIPFA and IIA launch consultation on first set of public sector internal audit standards

17 Jul 2012 Accountancy Age

By Richard Crump

Audit magnifying glass

A CONSULTATION on the first set of public sector internal audit standards has been launched by CIPFA and the IIA.

The collaboration between the two institutes – previously announced in May 2011 – led to an agreement between various government bodies 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 will provide a coherent and consistent public sector internal audit framework, coordinated update process and public sector voice in IIA standard setting.

The consultation runs until 14 September and the documents can be obtained by emailing psias.consultation@cipfa.org.uk

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