Business Risk Services

New Global Internal Audit Standards: What you need to know

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After a three-year journey, the Institute of Internal Auditors (IIA) released the new Global Internal Audit Standards™ (Standards) on January 9, 2024.

These new Standards will become effective January 9, 2025. The previous version, the International Standards for the Professional Practice of Internal Auditing, released in 2017, will remain approved for use during the one-year transition period.  

To meet the needs of modern-day internal auditors, the IIA undertook a comprehensive update aimed at enhancing the clarity and applicability of the Standards. By grouping the Standards into five Domains and providing implementation guidance, the updated Global Internal Audit Standards™ offer clearer and more direct guidance.

These changes equip internal auditors to address real-world situations effectively and remain relevant in the face of emerging risks.

The updated Standards are poised to elevate the quality of internal audit services worldwide, empowering internal auditors to provide independent, objective, efficient, and impactful assurance and advice that aligns with organisational goals.

As internal auditors adopt these updated standards, they can confidently navigate the ever-changing risk landscape, ensuring the success of their organisations, and adding significant value to stakeholders.