This 180 minutes online training will provide a comprehensive review of The International Professional Practices Framework (IPPF) Audits Standards 2120. It will cover the recent updates and the methods to comply with it and will help the attendees to assess the effectiveness of risk management process for their organization.
The Institute of Internal Auditors (IIA) in 2000 introduced a radical new professional practices standard stated internal audit” should evaluate the effectiveness and contribute to the improvement of risk management process”. Following the global financial crisis and after analyzing the global state of compliance with this standard, the IIA decided that the word “should” be replaced with “must”.
This webinar will discuss why IIA IPPF Standard 2120 was enacted and why majority of the IA functions haven’t complied with it to date. It will help the attendees understand what IIA practice advisory recommends to comply with the standard and also to effectively complete a Standard 2120 assessment using a method designed specifically to help boards meet NACD board risk oversight expectations. It will cover the following topics:
• Overview of the board risk oversight expectations for public companies and the public sector and new related U.S. and Canadian public company disclosure requirements.
• The evolution of IIA IPPF professional practice standard 2120 – why was it enacted and why was it changed from a “should do” to a “must do”.
• Why the majority of internal audit functions around the world have not yet complied with a standard originally introduced 12 years ago.
• What the December 2010 IIA Practice Advisory and other related guidance suggests internal audit functions should do to comply with section 2120.
• Strengths and weaknesses of the IIA guidance on section 2120 audits.
• Practical, step-by-step guidance on how to tackle this new professional practice standard and, more importantly, position internal audit departments, companies, and boards to fully meet these new risk management and risk oversight expectations.
Added by complianceonlinecom on January 22, 2013