The Institute of Internal Auditors (IIA) has officially implemented its revised Global Internal Audit Standards, which took effect on January 9, 2025. These updates, initially published in January 2024, are part of the organisation’s ongoing efforts to evolve its International Professional Practices Framework (IPPF).
The development of these new standards was a comprehensive, multiyear process that involved collaboration with thousands of professionals worldwide, including internal audit practitioners, service providers, and international standard-setters. This inclusive approach ensures the standards are both practical and globally relevant.
As organisations continue to navigate a complex business environment, these updated standards are poised to provide internal auditors with a robust framework to deliver greater value, align with organisational goals, and adapt to evolving challenges.
The revised standards aim to elevate the practice of internal auditing by ensuring better performance, enhanced quality, and greater consistency across organisations worldwide.
Key enhancements in the revised standards include:
- Internal Audit Strategy: Emphasis on aligning internal audit activities with organisational objectives to enhance strategic relevance.
- Stakeholder Relationships: Strengthening communication and collaboration with stakeholders to ensure audit activities meet their needs and expectations.
- Performance Measurement and Accountability: Introducing metrics and accountability frameworks to assess and improve internal audit effectiveness.
- Governance Conditions: Defining essential governance structures and practices necessary for effective internal auditing.
Over the past year, these standards have gained significant traction within the global internal audit community. Translated into 25 languages, they have been downloaded nearly 600,000 times, underscoring their broad appeal and importance.
For more analysis, including a step by step guide to adapting the new standards, read our publication New 2024 Internal Audit Standards: Insights for CAEs
For further details about the new standards, visit the official IIA website.
Next Steps
By now, most Chief Audit Executives, have transitioned to their organisation to align with the new 2024 Global Internal Audit Standards. Many have compared the current practices of the internal audit function with the updated requirements to identify areas of non-compliance or improvement. What now?
Continue to engage with stakeholders. Inform the board, audit committee, and senior management about the transition to the new standards and their significance and benefits for your organisation.
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