New audit standards will add to compliance load

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2024 will be a demanding year for internal auditors who will be facing new requirements and updated standards.

“The IIA is getting ready to put out new standards for internal auditors,” said Richard Chambers, former president and CEO of the Institute of Internal Auditors and currently a senior internal audit advisor at AuditBoard. “That’s going to influence the key priorities for internal audit next year. Around the first of January, and you’re going to have a year to get compliant, so whatever the new requirements are in those standards, that’s going to be on the internal auditor’s shoulders, along with all of these other compliance requirements coming out of regulatory and legislative this year. I think 2024 to me is setting up to be the year of compliance risk.”

He anticipates the new standards will be more proscriptive. “Somebody did a word count of the number of times the word ‘must’ is used, and it was substantially more in the proposed standards than the current standards,” said Chambers. “Here’s a good example. Internal audit must have a strategic plan. It’s no longer good enough that I plan audits one year ahead. I need to do that, but I also need to have a strategic plan looking three…

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