Following a multi-year effort involving thousands of stakeholders worldwide, The Institute of Internal Auditors (IIA) released the Global Internal Audit Standards (Standards) on January 9, 2024. The Standards take effect one year from publication (January 9, 2025). While there’s no need to panic, internal auditors should be proactive in addressing key changes. In what areas are functions likely to find gaps, and which gaps may deserve priority status on action plans? Above all, what do you need to know in the short term?
At 119 pages, the Standards don’t qualify as light reading, but The IIA also issued a condensed version with mandatory guidance only, cutting the page count in half. However, many internal auditors may still find the Standards a bit daunting to quickly digest. With that in mind, we reviewed the Standards to identify the most noteworthy changes we believe every internal auditor should be aware of now.
Before diving in, the International Internal Audit Standards Board (IIASB) should be acknowledged for the hard work, focus, and careful deliberation they have devoted to this process. Research and outreach focused on evolving the International Professional Practices Framework (IPPF) began in 2019, culminating in the March 2023 release of draft Standards for public exposure and comment. Articles, blogs, and discussions on social media proliferated; we ourselves spotlighted six proposed changes in an April 2023 blog.