On 20 March 2024, K2 Integrity hosted a webinar on the implications of the recent updates to the Global Internal Audit Standards (“Standards”). The discussion included David Hyman, senior vice president and senior audit director at US Bank; Raakhee Jagwani, director and interim head of quality assurance and methodology at Mizuho Bank; and moderator Yelena Talmazan, managing director in the financial services, internal audit, and risk advisory practice at K2 Integrity. To watch a recording of the full webinar, click here. To learn more about K2 Integrity’s Internal Audit services, click here.
Significant changes
The new 2024 Global Internal Audit Standards has two mandatory sections, Global Internal Audit Standards and Topical Requirements, along with Supplemental Global Guidance. The Global Internal Audit Standards are made up of 5 Domains, 15 Guiding Principles, and 52 Standards and are clearer and more concise than past guidance. Significant changes include, but are not limited to:
- Use of Internal Audit function instead of Internal Audit activity
- Addition of public interest
- Examples of evidence of conformance included in every principle
- Additions of Internal Audit Strategy…
