IIA Comments to Greece on Proposed Amendment Impacting Internal Audit

IIA Comments to Greece on Proposed Amendment Impacting Internal Audit

The Institute of Internal Auditors (IIA), the internal audit profession’s globally recognized advocate, educator, and provider of standards, guidance, and certifications, recently issued letters to Greece’s Prime Minister and Ministry of Development and Investments, objecting to a last-minute legislative amendment that would infringe on its international standards and code of ethics and the efficient practice of internal auditing. Representatives of The IIA’s Global headquarters and IIA–Greece met with the Minister of Development and Investments on 29 October to discuss their concerns and outline a potential resolution.

“The IIA stands ready to work in partnership with Greek officials to develop and implement measures that will protect business and ensure the independence of internal auditors,” said IIA President and CEO Anthony J. Pugliese, CIA, CPA, CGMA, CITP. He added, “The internal audit function plays a key role by providing independent assurance that an organization’s risk management, governance, and internal controls processes are operating effectively. Moving forward without input from critical stakeholders in the capital markets poses a risk to governance of entities operating in Greece and around the world.”

Following Greece’s passage of the law, IIA advocacy staff expressed disappointment and concern regarding the potential negative impact on internal audit quality in Greece and the mobility of quality internal auditors within the European Union and globally. The IIA reiterated its willingness and availability to help the betterment of effective governance in Greece, independence of internal audit in Greece, and mobility of EU and global professionals.

The IIA’s letters to Greece’s officials are available on The IIA’s website.