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A89832 1 (2010-05-20)

handle is hein.gao/gaobadvxh0001 and id is 1 raw text is: GA 0 . . . AcountabiIlty I Integrity I Reliability United States Government Accountability Office Washington, DC 20548 May 20, 2010 Mr. Heriot Prentice Director, Standards and Guidance The Institute of Internal Auditors 247 Maitland Avenue Altamonte Springs, FL 32701 Subject: Exposure Draft of Proposed Changes to the International Standards for the Professional Practice of Internal Auditing This letter provides the U.S. Government Accountability Office's (GAO) comments on the Institute of Internal Auditors' (11A) Exposure Draft of Proposed Changes to the International Standards for the Professional Practice of Internal Auditing (Standards). We appreciate the opportunity to comment on this proposal. We commend the IIA for taking on this project to periodically review and update the Standards. While we agree with the overall approach of the exposure draft, we believe the Standards could be improved and have recommendations in the following areas: * impairment to independence or objectivity; * external service provider and organization responsibility for internal auditing; * risk management; and * planning and criteria for communicating. Standard 1130: Impairment to Independence or Objectivity Standard 1130.C 1 states that internal auditors may provide consulting services relating to operations for which they had previous responsibilities. We believe that the standard should also remind auditors of the impact consulting activities may have on their independence for providing assurance services. Accordingly, we suggest revising standard 1130.C1, as follows: Internal auditors may provide consulting services relating to operations for which they had previous responsibilities. However, doing so may impair the auditor's independence with regard to future audits of the operation.

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