|On behalf of the global internal audit profession, The IIA Global responds to legislators and other standard setting bodies on the exposure drafts of proposed standards and regulations that impact the profession. For many years, the Professional Issues Committee (PIC) has been taking the lead on these initiatives. The PIC consists of highly qualified individuals that represent diverse geography and industries. The PIC recently updated the process for responding to exposure drafts. An important step is to give the IIA regional organizations and institutes an opportunity to provide feedback to the PIC so that, the IIA Global’s responses have as much global input as possible. You may still send in responses on behalf of your region or institute if you feel strongly about certain topics. |
Below are 2 new exposure drafts that PIC will respond to during the fourth quarter of 2012:
1. On September 18, 2012, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) – an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence – has released, for public comment and exposure draft of its “Internal Control over External Financial Reporting: Compendium of Approaches and Examples.” This Compendium, part of COSO’s overall project to update its Internal Control–Integrated Framework (Framework), has been developed to assist users when applying the Framework to external financial reporting objectives. The comment period closes on November 20, 2012. The regional organizations and institutes should provide responses to the PIC staff liaison (email@example.com) by no later than November 2, 2012. Please click on the link below to access the exposure draft.
2. On August 22, 2012, the International Ethics Standards Board for Accountants (IESBA) released its exposure draft, “Responding to a Suspected Illegal Act.” The comment period closes on December 15, 2012. The regional organizations and institutes should provide responses to the PIC staff liaison (firstname.lastname@example.org) by no later than November 13, 2012. Please click on the link below to access the exposure draft.