FERMA provided its comments and suggestions on the proposed Global Internal Audit standards on behalf of the European risk management profession for consideration by the Institute of Internal Auditors.
The Global Internal Audit Standards provide guidelines for professional internal auditing worldwide. They establish requirements and recommendations for internal audit services and serve as a basis for evaluating their performance. The Standards consist of principles, which are broad descriptions summarizing groups of requirements and recommendations for internal auditing practice. FERMA’s comments focus on the importance of the independence and cooperative spirit of the Internal Audit Function, as well as the clarity of the language employed in the document. FERMA looks forward to further engagement with the Internal Audit profession as these standards are developed and formalised.