Key insights
- The new standards from the Institute of Internal Auditors (IIA) replace the 2017 attribute and performance standards framework with a set of various principles, requirements, and considerations.
- To prepare your organization, familiarize yourself with the new standards, then assess any gaps between your current practices and the new standards.
- Buy-in from your team — both staff and board/audit committee — is key to successful implementation and adopting the new standards.
Earlier this year, the Institute of Internal Auditors (IIA) released the new Global Internal Audit Standards (the new Standards), which replace the 2017 professional practices framework. The new Standards are effective January 9, 2025. Early adoption is encouraged, but not required, by the IIA.
Since the IIA’s announcement, they have released guidance to help prepare for how to adopt the new Standards.
What’s changed?
The new Standards replace the 2017 attribute and performance standards framework with a set of principles, requirements, and considerations consisting of five (5) domains and 15 principles, with 52…
