Introducing International Standards in Internal Audit

Mar 23 – 25, 2016 Ljubljana, Slovenia No Fee
Feb 23, 2016 Auditing
English

The workshop provided an overview of the International Professional Practices Framework (IPPF), by focusing on Attribute and Performance Standards. While the Attribute Standards address the attributes of organizations and individuals performing internal auditing, the Performance Standards describe the nature of internal auditing and provide quality criteria against which the performance of these services can be measured.

The IPPF has been updated in 2015. According to the new framework the mandatory elements of the IPPF are:

  • Mission
  • Core Principles for the Professional Practice of Internal Auditing
  • Definition of Internal Auditing stating purpose, nature, and scope of internal auditing
  • Code of Ethics
  • International Standards for the Professional Practice of Internal Auditing (Standards).

 

Applying all of the mandatory elements of the IPPF to internal audit can significantly increase the efficiency and value of the internal audit activity. Introduction of the international standards is not only a technical activity but one of the crucial factors by which countries can assure financial control of their public finances. In this context, it is of key importance that internal auditors have and constantly upgrade their knowledge and skills to uphold standards and provide value.

What was it about

The IIA defines the Standards as statements of basic requirements for the professional practice of internal auditing and for evaluating the effectiveness of performance, which are internationally applicable at organizational and individual level, also in the public sector.

We discussed the following topics:

  • Concept and the structure of IPPF
  • Definition of Internal Auditing
  • Concept and structure of the Standards
  • Attribute Standards and their implementation
  • Performance Standards and their implementation

What were the benefits

The objective of this workshop was to help participants better understand the challenges of introducing international standards in internal audit and gain knowledge and skills to act according to these standards.

The following were the learning objectives:

  • Describe the IPPF and key standards in internal audit
  • Explain the definition of Internal Auditing
  • Explain key standards in internal audit
  • Describe key introduction challenges related to Standards
  • Increase skills to uphold standards and basic principles in their work

Who was it for

The workshop was designed for junior and experienced internal auditors from ministries and other public institutions as well as other internal audit experts and professionals interested in the topic.

The workshop was highly participatory. Participants were encouraged to be active in discussions and exercises throughout the event.

Faculty

Nataša Prah, Director, Budget Supervision Office, Ministry of Finance, Slovenia

Ms. Nataša Prah holds a BSc in Finance from the Faculty of Economics and Business at the University of Maribor. She is Chartered Accountant at the Slovenian Institute of Auditors, Certified State Internal Auditor at the Ministry of Finance, and Certified State Auditor at the Court of Audit of the Republic of Slovenia.

She has more than 20 years of experiences in auditing. She used to work as external auditor in private audit firm till 2002 when she joined the public sector audit as a head of the European Agricultural Funds audit. Since 2004 she has been working at the Budget Supervision Office of the Republic of Slovenia. In 2006 she took over the position of Acting Director of the Budget Supervision Office and since 2007 she holds the position of the Director. Budget Supervision Office is responsible for different kind of supervision activities, like budgetary inspections and external audit of European Funds under shared management. In addition, it is the central body of the public internal financial control system, responsible for professional development, harmonization and supervision of the financial management and internal audit.

Tina Toman Pfajfar, Deputy Director and the Head of the On Site Inspection Section, Insurance Supervision Agency, Slovenia

Ms. Tina Toman Pfajfar is Deputy Director and also the Head of the On Site Inspection Section at the Insurance Supervision Agency. In the past she was the Director of Internal Audit Service at the Slovenian KD Life Insurance Company. She also worked for the Ministry of Finance of the Republic of Slovenia where she held a position of the Head of Internal Audit Service. Her main responsibilities included risk based internal auditing, providing assurance to the Minister (or Board) about the risk management and internal control system, preparing a Manual for the Internal Audit Service, PIFC, and others.

She is the president of the Internal Audit Committee at the Slovenian Institute of Auditors and vice president of the Slovenian Chapter of the IIA – Institute of the Internal Auditors. She is Certified Internal Auditor at the Slovenian Institute of Auditors, State Internal Auditor at the Ministry of Finance, State Auditor at the Court of Audit of the Republic of Slovenia and she has a Certification in Risk Management Assurance (CRMA) at The Institute of Internal Auditors.