In January 2024, the Institute of Internal Auditors (IIA) issued the Global Internal Audit Standards (the Standards) with implementation required by January 9, 2025. The previous version, the International Standards for the Professional Practice of Internal Auditing, released in 2017 (the 2017 Standards), remains approved for use during this transition period.
We have summarized the foundational themes and key changes that would impact various IA functions should the Proposed Standards be implemented.
Key Structural Changes:
- The new Standards combine into one all-inclusive document multiple guides which previously encompassed the mandatory and implementation guidance sections within the 2017 Standards. Specifically, the new Standards incorporate the five mandatory elements of the current framework (Mission of Internal Audit, Definition of Internal Auditing, Core Principles for the Professional Practice of Internal Auditing, Code of Ethics, and Standards) as well as one of the recommended non-mandatory elements, the Implementation Guidance. These will no longer exist as separate elements.
- The Standards are not divided into “attribute” and “performance” categories…
