Audit standards

The Inspectors of Finance designated by the Flemish Government as Flanders Audit Authority (FAA) and all auditors are members of the Institute of Internal Auditors (IIA) and, as such, are required to comply with the IIA’s code of ethics.

This sets rule of conduct for internal auditors including the following (see article 4.2. of the code of ethics): “[Internal auditors] Shall perform internal auditing services in accordance with the International Standards for the Professional Practice of Internal Auditing.” Certainly when performing systems audits, these IIA standards are to be followed wherever they are applicable.

Where Flanders Audit Authority does not meet the quality requirements referred to in IIA standard 1321, the statement “carried out in accordance with IIA standards” will not be made in the audit reports.

External service providers performing system audits or IT audits on behalf of and at the behest of the VAA will be required (by setting specifications and monitoring the performance of the audits) to perform these assignments in accordance with COBIT.

When carrying out audits on operations and when preparing the annual audit opinion, the FAA and external service providers will be guided by IFAC standards, again to the extent that they are applicable.