On Jan. 9, 2024, the Institute of Internal Auditors (IIA) issued the 2024 Global Internal Audit Standards, replacing the 2017 International Standards for the Professional Practice of Internal Auditing. The standards provide a framework to guide the quality and effectiveness of internal audit (IA) activities and list 15 guiding principles that internal auditors globally are expected to adhere to.
The revisions emphasize that compliance with the standards is not only a function of IA, but should be embedded in the organizational culture supported by a strong tone at the top. The board of directors, senior management, chief audit executives and IA professionals are expected to understand the new specifications and assess them against the current state of IA to assess gaps and identify opportunities for changes. The amount of effort required for alignment with the new standards will vary, depending on the maturity of the IA function within the organization.
Key changes for stakeholders
The standards introduce a number of notable changes. New requirements for quality assurance and improvement programs (QAIPs), expectations on professional skepticism and ethics, and guidance on continuing…
