THE INSTITUTE OF INTERNAL AUDITORS

The IIA conducted meetings with members of the Public Company Accounting Oversight Board, as well as members and staff from the U.S. House Committee on Financial Services and U.S. Senate Committee on Banking, Housing, and Urban Affairs. These meetings discussed key recommendations of an IIA report, published in March 2026, on modernizing the U.S. Sarbanes-Oxley Act. In addition, The IIA submitted letters to both the Federal Deposit Insurance Company (Fed. Reg. 18534 (Apr. 10, 2026)) and Office of the Comptroller of the Currency (Docket ID OCC-2025-0372; RIN 1557-AF41) regarding proposed regulations for implementing the GENIUS Act. In both cases, The IIA offered technical clarifications for strengthening the existing internal audit requirements in the proposed regulations. It highlighted the certifications, standards, and independence considerations that are fundamental to a properly structured internal audit function.

The IIA conducted introductory meetings with members of the U.S. House Energy and Commerce Committee to discuss the role of internal audit in providing independent assurance over artificial intelligence risk management and controls. Furthermore, The IIA submitted a letter to members of the U.S. House Energy and Commerce Committee and U.S. Senate Committee on Commerce, Science, and Transportation regarding the White House National AI Policy Framework. The letter emphasized the need to include independent assurance over AI systems and controls in any potential legislation emanating from the White House policy framework. In addition, The IIA sent a letter to members of the U.S. House Subcommittee on Commerce, Manufacturing, and Trade concerning the SECURE Data Act (H.R. 8413). The letter recommended the inclusion of independent assurance mechanisms in the legislation to ensure the processes envisioned by the legislation are operating appropriately.

The IIA submitted a letter to the leaders of the U.S. Senate and U.S. House of Representatives to offer perspective on emerging prediction market policies. The letter recommended that Congress take the following three actions concerning this novel policy topic: 1) Require prediction market platforms to establish formal internal control frameworks 2) Ensure the operation of independent, properly structured internal audit functions at registered exchanges 3) Commission a GAO study focused on controls and audit infrastructure In addition, The IIA submitted a letter to the Commodity Futures Exchange Commission in response to a request for comment on 91 FR 12516, RIN 3038-AF65 (Document No. 2026-05105). The letter recommended that the CFTC require prediction market registrants to possess an internal audit function in any forthcoming regulatory proposals.