In January 2024, the Institute of Internal Auditors (IIA) published the Global Internal Audit Standards (the Standards) to support the evolution of the profession and to aid organizations in mitigating a constantly changing and dynamic risk landscape.
The International Standards for the Professional Practice of Internal Auditing, issued in 2017 (the 2017 Standards), remain authorized for use during the transitional period. The new standards must be implemented by 9th January 2025, while early adoption of the new Standards is encouraged.
The Global Internal Audit Standards are drafted with the aim of helping organizations stay ahead of the constantly evolving and dynamic risk landscape. They are a guide for practices used globally, and are an essential component of an effective and efficient Internal Audit (IA) function. Developing practices in line with these Standards will enable an IA function to conduct purpose-driven and digitally powered Audits that align with the organization’s strategy, anticipate risk, and assist management in putting in place the correct processes and controls to meet future challenges effectively.
