Welcome to the seventh edition of the Green Pen Digest!
While this newsletter aims to cover both accounting and auditing updates, The Institute of Internal Auditors Inc. has once again been prolific with its release of new guidance documents and training over the past month, from Generative AI, to a new Competency Framework, to a Sustainability Readiness Assessment tool, and more. But fear not – some accounting, fraud and anti-money laundering news and updates have made their way into this edition as well.
Without further ado, here are the key changes and updates for July 2025:
Global Updates
1. COSO withdraws draft Corporate Governance Framework
Amid “extensive feedback” and “a shifting regulatory and economic landscape for U.S. businesses”, COSO has withdrawn its draft Corporate Governance Framework. More info here.
2. New Global Practice Guide – Developing a Risk-Based Internal Audit Plan
The Institute of Internal Auditors Inc. has released a revised version of its Developing a Risk-Based Internal Audit Plan Guide, to reflect the new Global Internal Audit Standards. This members-only guide is available for download here.
3. New “Getting Started With” video: Generative AI
The Institute of Internal Auditors Inc. has released a new episode in it’s “Getting Started With” series, with this one focusing on Generative AI, viewers will learn. This <6 minute video covers what generative AI is, how it works, practical tips and key risks and considerations.
Available to both members and the public, you can watch the short <6 minute video here
4. New Competency Framework for Internal Auditors
This month, The Institute of Internal Auditors Inc. released its Global Internal Audit Competency Framework. Importantly, what makes this Framework different from previous versions is it has been issued as formal Global Practice Guidance.
Two resources are available:
- The Global Practice Guidance, available to the public, here
- A set of Competency Framework Templates, which are a members-only resource, available here
5. Assessing Sustainability Readiness Tool
For internal auditors to play a role in their organisation’s growing obligations around sustainability, they must first gain sufficient background to speak sensibly to their boards on these matters.
This new tool, from The Institute of Internal Auditors Inc. is designed to help internal auditors, including chief audit executives, understand their organisation’s strategy, objectives, and initiatives related to sustainability, and identify opportunities for the internal audit function to add value by providing relevant assurance and advice.
There is both a User Guide and a Questionnaire, available to both members and non-members here.
6. Insights to Quality – External Quality Assessment Successful Practices and Enhancement Observations
The Institute of Internal Auditors Inc. has released Volume 1 of observations made from quality assessments and gap analyses performed by the IIA Quality Services team to June 2025.
These insights are designed to provide guidance to help internal audit functions elevate quality and strengthen their role as strategic advisors.
Available to both members and non-members, the report can be accessed here.
7. New DRAFT Topical Requirement – Organisational Behaviour – released for comment
The proposed Organisational Behavior Topical Requirement is now available for public consultation until 22 August 2025. The results of the public consultation will inform the final publication, which will be accompanied by a finalised version of the user guide, expected for issuance by Q4 2025.
The Draft Topical Requirement, Draft User Guide and Survey for providing feedback are all available here
8. The UAE IAA publishes its first edition of “Inside Governance”
The UAE IAA – UAE Internal Auditors Association Governance and Sustainability Sub-group has published its inaugural edition of “Inside Governance”. This issue covers topics such as:
- Should the CEO be a Board member?
- The Impact of AI on Corporate Governance, and
- The Delegation Edge in Corporate Governance
You can find the first edition in this post from Ehab Saif – thank you Ehab!
Australian Updates
1. New Sustainability Reporting Community of Practice Launched
Chartered Accountants Australia and New Zealand has partnered with the United Nations Global Compact Network Australia (UNGCNA) and the ASX to launch the Sustainability Reporting Community of Practice (SRCoP).
Members and the public can register to attend a free information session about the new SRCoP on 5th August here.
CA ANZ Members also have the opportunity to join the SRCoP with exclusive members pricing, following the link on this page.
2. AUSTRAC Regulatory Priorities for FY25/26
For those working in the AML/CTF space, AUSTRAC has released it’s Regulatory Priorities for FY25/26. You can read more about the priorities for the year ahead here.
In the news
1. As noted in the February edition of The Green Pen Digest, US President Donald Trump ordered the Department of Justice to halt the enforcement of the Foreign Corrupt Practices Act (FCPA), a US anti-corruption law that bars Americans from bribing foreign government officials to win business. In this article from Navex, Matt Kelly breaks down what the Trump Administration’s new FCPA enforcement priorities mean for compliance.
2. AUSTRAC orders external audit of Western Union Financial Services after raising concerns around poor customer due diligence, delayed or non-reporting of suspicious matters, non-compliant international funds transfer instruction reporting and concerns about whether Western Union’s AML/CTF program is functional.
From the Blogosphere
These blogs came across my desk this month, and both are well worth a read:
1. 10 things not to say in an internal audit report, by Richard Chambers
2. Beyond the Numbers: Soft skills every risk manager needs to thrive by Sharjeel Butt
Keep an eye out for these next month…
- 20-21 August: The ISACA Malaysia Chapter is presenting the Cybersecurity, IT Assurance & Governance Conference 2025 at the Sheraton Petaling Jaya Hotel. You can find the pricing, speakers and schedule here
- 21 August: NAVEX is presenting a 90-minute webinar on The 2025 State of Risk & Compliance: Program Benchmarking, Barriers & Tech-Driven Insights. To get a data-driven look into the evolving landscape of risk and compliance in 2025, register here
- 25 August – 3 November: The African Audit Championship will be taken place, with each participant having access to 40+ CPD with 15 Gamified Trainings. You can find out more or register here
…And beyond
- 3-5 September: The Instituto de Auditores Internos de Colombia is holding the XVII Internal Audit Congress in Bogota. For more information and to register, check out the event website here
- 14-18 September: The ACUA – Association of College and University Auditors is presenting AuditCon, the premier conference designed for higher education auditors, in Louisville, Kentucky. You can find out more or register: here
- 15-17 September: The 5th Global Digital Audit Transformation & Fraud Analytics Forum & Awards 2025, from Corporate World Intelligence, will be held in Dubai, UAE. You can find out more or register here
- 9 October: IIA Luxembourg will be holding their annual conference at the Abbaye de Neumünster. The full agenda and registration details can be found here
- 13-15 October: The IIA PNG Pacific International Conference is being held in Port Moresby, PNG. To stay tuned for updates, refer to the IIA PNG website here or the IIA PNG LinkedIn group, here
- 21-23 October: Join AuditBoard for their 3-day Audit & Beyond conference in San Diego, California. With 17 CPE credits on offer, you can find out more details and register here
- 18-20 November: The UAE IAA – UAE Internal Auditors Association, Association of Certified Fraud Examiners (ACFE), and ISACA are coming together to unite the top minds in internal audit, fraud examination, cybersecurity, compliance, and tech innovation with the second annual Audit, Anti-Fraud & I.T. Congress, at the Conrad Abu Dhabi Etihad Towers. You can register here
Joke of the Month!
Why did the accountant break up with the calculator?
They just couldn’t count on each other any more!
That’s all for this month, folks.
If you have any key updates that you feel others should know about, feel free to send me a message and I’ll be sure to include them in next month’s Digest.
Until then, have a great August, and don’t forget to #GetYourNerdOn!
Claire Berry, Founder & Director, Green Pen Consulting
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