Institute of Internal Auditors-Australia announces extension of consultation period

Friday, May 29 2020: The Institute of Internal Auditors-Australia (IIA-Australia) today announced an extension to the consultation period for “Internal Audit Better Practice Guide for Financial Services: Principles and Recommendations” from May 31 to July 31, 2020.

Chair of the IIA-A Financial Services Committee Ms Sandra Birkensleigh said the extension to the consultation period will allow financial service firms to properly consider the draft.

“The current pandemic has meant that a postponement to the end of July is necessary as financial service firms have been focusing on more immediate issues. However, the Principles and Recommendations are important for the sector, and we anticipate a positive response across the board to adopting the Better Practice Guide”.

Ms Birkensleigh said a draft would be issued with an update on Risk Culture, and that organisations may receive more than one copy from industry bodies, but it is only necessary to respond to one receipt of the draft.

She said that the Guide consists of six major Principles and related Recommendations, and comments should address one or more of the Principles and Recommendations.