Integrated Reporting is a new development with multiple challenges. A European task force was initiated in April 2014 by several institutes, affiliates of the Institute of Internal Auditors (the IIA), to clarify why and how internal auditors can help build an efficient integrated reporting process and meet the needs for assurance. The task force recommendations are not mandatory. They are based on the International Professional Practices Framework (IPPF) of the IIA and a literature review on <IR>. Each section of the <IR> Framework, the market led and principles-based initiative of the International Integrated Reporting Council (IIRC), has been reviewed to:
- highlight the concepts, principles and content elements recommended by the IIRC;
- identify potential challenges to and enablers of the implementation of these recommendations;
- clarify the underlying governance, risk and control issues;
- discuss internal audit’s assurance and advisory role;
- share good practices. For example, regarding coordination with other functions.
The briefing gives an overview of this research to those charged with governance and senior management. The guide provides actionable recommendations for internal audit and risk practitioners.
For more information about the paper: Integrated reporting