Internal auditors seeks use of IPPF as standard for PLCs

KUALA LUMPUR: The Institute of Internal Auditors Malaysia (IIA Malaysia) will collaborate with the regulators to promote the use of the International Professional Practices Framework (IPPF) as the standard for internal auditing functions especially for public listed companies (PLCs).

IIA Malaysia president Datin Josephine Low said the organisation had proposed to the Securities Commission to ensure internal audit functions in various organisations particularly PLCs, adhere to some form of standards.

She said this was to ensure better corporate governance, control and risk management. Currently, it is not mandatory for PLCs to comply with IPPF.

She said the Malaysian Code on Corporate Governance 2012 that required head of internal audit to have relevant qualifications puts it on the road-map to push through set up better standard for the profession.