Feb 22, 2016

International Standards in Internal Audit Improve Performance of Auditors

From March 23–25, 2016, the CEF is organizing a learning event on international standards for internal audit officials from South East Europe.

Although internal auditors apply their activities in different cultural settings, and work in public sector organizations that vary in size and purpose, applying international standards serves the same purpose: it can significantly increase the efficiency and value of internal audit activities. This is why it is essential for internal auditors to possess professional knowledge about international standards and ways how to acquire skills to apply them.

In South East Europe, countries have established systems for internal audit, that are also part of the Chapter 32 of the EU accession negotiations, yet it is essential that internal auditors enhance capacities. Besides certification trainings, shorter learning events give an opportunity for sharing the best practice and focus on problematic areas.

“Since the Standards are recognized also as the benchmark for internal auditors around the world and they have been incorporated into legislation in some countries it is really important for internal audit to be in compliance with them. However, there is still some common non-conformance with global trends in specific standards. The Standards that are really problematic in accordance with the IIA Quality Services and from recent EQAs are: 1000, 1300, 2020, 2050 and 2240,” explains Ms. Tina Toman Pfajfar, one of the lecturers of the learning event.

The upcoming learning event on international standards will thus provide an opportunity to discuss and practice those elements of the Standards, that are part of the International Professional Practices Framework (IPPF) by the IIA. It will build on existing practices and open the space for knowledge sharing. It is designed in cooperation with two Slovenian experts, Ms. Tina Toman Pfajfar, president of the Internal Audit Committee at the Slovenian Institute of Auditors and vice president of the Slovenian Chapter of the IIA, and Ms. Nataša Prah, Director of the Budget Supervision Office of the Ministry of Finance.