By now, most internal auditors are aware that The IIA has released long-anticipated proposed revisions to its Global Internal Audit Standards. As I recently shared in an AuditBoard blog calling attention to these changes, they would represent “the most sweeping change to the standards in more than 20 years, and present a significant opportunity for internal auditing and its future.”
Until now, I have elected not to provide extensive public commentary on the proposed standards, preferring instead to offer (generally positive) feedback to IIA leadership privately. However, there is one particular proposed change that I feel compelled to address: The standards would mandate ratings (rankings or other indications of priority) for internal audit engagement findings and a rating for the aggregated engagement results.…