Institute of Internal Auditors (IIA) Global Internal Audit Standards Update
The Institute of Internal Auditors (“IIA”) released its Global Internal Audit Standards (“the Standards”) in January 2024 to support the continued evolution of the internal audit profession and address new dynamic, evolving risk landscapes. The IIA completed a multi-year project to update the International Professional Practices Framework (“IPPF”), specifically the core component of the framework: the 2017 International Standards for the Professional Practice of Internal Auditing. The 2017 Standards will remain in effect until January 2025, early adoption is encouraged.
What Changed?
The Global Internal Audit Standards provide guidance on the worldwide professional practice of internal auditing, are principle-based, and serve as a basis for evaluating and elevating the quality of the internal audit function. At the heart of the Standards are 15 guiding principles that enable effective internal auditing. Each principle is supported by standards that contain requirements, considerations for implementation, and examples of evidence of conformance. Together, these elements help internal auditors achieve the principles and fulfill the purpose of internal auditing.
Key Areas of Focus:
- Board (or equivalent) involvement in internal audit
- Internal audit mandate, vision, and strategic plan
- An understanding of risks and coverage throughout the enterprise
- Planning, tracking, and measuring performance
- IA reporting, evaluating findings, and effective communication
- Additional guidance on external quality assessments
- Integration of internal into the Company’s approach to enterprise risk, including a focus on accomplishing strategic initiatives
The Global Internal Audit Standards are designed to help internal audit functions act as a catalyst to drive organizational change, align with governance initiatives, and increase value to the business.
How Can Whitley Penn Help?
Whitley Penn’s seasoned Internal Audit Advisory professionals can help your internal audit function implement the new Standards. Our firm can partner with you to perform a readiness assessment, prioritize transformational activities, refresh your internal audit strategy, implement the new Standards, and monitor internal audit performance against the Standards. We value our relationships with our clients and look forward to the opportunity to partner with you drive value to your business.
