IIA Forms New Group for Financial Services Auditors

On May 30, 2002, the Institute of Internal Auditors announced its merger with the National Association of Financial Services Auditors (NAFSA). The members of NAFSA voted this week to dissolve their association, thereby finalizing discussions between the two organizations that had been in process for about two years. In accordance with the vote, all NAFSA members will transfer to The IIA who will form a new group to take over the services formerly provided by NAFSA.

IIA President William G. Bishop III explains that the Institute of Internal Auditors has always served auditors from a wide range of industries including financial services, but it now plans to establish a new Financial Services Auditor (FSA) Group to refocus and expand the attention devoted to this group of members. As part of this effort, The IIA will assume ownership and management of the Certified Financial Services Auditor program, which has issued over 2500 certificates to date.

"The addition of the FSA Group to our specialty offerings," states Mr. Bishop, "demonstrates our commitment to providing specific guidance and support to the industries we serve." In addition to the Certified Financial Services Auditor credential, The IIA also awards certificates for internal auditors, government auditing professionals and internal auditors who specialize in control self-assessment. There are separate examinations for each of the certification programs. The programs typically require that candidates complete specified minimum requirements for education and work experience and meet certain ethical standards.

Prior to the merger with NAFSA, The IIA had more than 76,000 members from more than 100 countries. The Institute's membership base comprises primarily auditors in internal auditing, governance and internal control, IT audit, education, and security. In addition to providing education, research, and technological guidance for the internal audit profession, The IIA issues standards for practitioners and serves as a watchdog and resource on significant auditing issues around the globe.

Most recently, The IIA urged stock exchanges to pass rules that would require broader public reporting of internal controls by the boards of directors of all publicly held companies. The IIA is seeking to expand mandated disclosures beyond accounting controls over financial information.

-Rosemary Schlank

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