The Institute of Internal Auditors issued a newly updated set of Global Internal Audit Standards on Tuesday, taking effect in January 2025.
The new standards aim to help internal auditors and their organizations better respond to the current business environment. The previous version, the International Standards for the Professional Practice of Internal Auditing, released in 2017, remains approved for use during a one-year transition period until Jan. 9, 2025.
The updated standards came as a result of the IPPF Evolution, a multiyear project intended to ensure the IIA’s International Professional Practices Framework provides the profession the kind of flexible guidance it needs to navigate today’s complex audits.
Among the main changes introduced by the IPPF Evolution project are:
- Strengthening governance frameworks to improve organizations’ responsiveness to rapidly changing business environments;
- Specific guidance to help assist internal auditors in the public sector and for small internal audit functions;
- A more flexible framework that can adapt to the kinds of challenges faced by auditors in various parts of the world; and,
- Specific guidance and standards on critical areas like cybersecurity.
The…
