The IIA Releases New Global Internal Audit Standards to Lead Profession into the Future

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Jan 09, 2024, 07:30 ET

The Standards become effective in January 2025, 12 months after their release, and will impact businesses of all sizes in all industries

LAKE MARY, Fla., Jan. 9, 2024 /PRNewswire/ -- The Institute of Internal Auditors (The IIA) – the internal audit profession's leader in standards, certifications, education, research, and technical guidance worldwide – today released its new Global Internal Audit Standards™.

The new Standards impact businesses of all sizes, industries, and geographic regions. They were designed to help internal auditors – and their organizations – respond better to today's complex and rapidly changing business environment. Among the notable changes are:

Strengthening governance frameworks to improve organizations' responsiveness to rapidly changing business environments.
Specific guidance to assist internal auditors in the public sector and for small internal audit functions.
A more flexible framework that can adapt to the unique challenges faced by auditors in different parts of the world.
Specific guidance and standards on critical areas like cybersecurity.

The Standards provide internal audit principles, requirements, and considerations for implementation in a streamlined format. They help elevate the quality of internal auditing and enhance the internal audit function's role as an essential business partner to boards and senior management.

"The new Global Internal Audit Standards meet an urgent professional and marketplace need," said Anthony Pugliese, CIA, CPA, CGMA, CITP, President and CEO of The IIA. "We've created a dynamic and modern set of Standards that will position the internal audit profession at the forefront of an ever-evolving business environment. I'm proud to share this bold and visionary reimagining of the Standards. They are the groundwork upon which the future of the internal audit profession will be built."

The Global Internal Audit Standards become effective in January 2025, 12 months after their release, though The IIA encourages early adoption.

The Standards are a key output of the IPPF Evolution, a multi-year project intended to ensure The IIA's International Professional Practices Framework provides the profession the agile, fluid guidance required to navigate a complex audit landscape.

"Today's release of the new Global Internal Audit Standards is a tremendous milestone for the internal audit profession," said Naohiro Mouri, CIA, CPA, chairman of the International Internal Audit Standards Board (IIASB). "These Standards are the culmination of years of research, outreach, feedback, and due diligence, all of which were vital to crafting a truly visionary set of Standards that reflect the breadth and depth of our profession and the needs of the businesses we serve. I'm grateful to all those who took time to share their feedback throughout this process, and to the volunteers and IIA employees who worked tirelessly to make this milestone possible."

The ongoing IPPF Evolution effort has engaged thousands of internal audit practitioners, regulators, member bodies, and stakeholders worldwide in one of the most ambitious undertakings in The IIA's history. Today's Standards release follows IIASB's analysis of feedback received during a global public comment period, including nearly 19,000 comments from 1,600 survey responses and input from letters and meetings with stakeholders.

Alongside the Standards, a disposition report provides a transparent overview of the feedback received during the project and explanation of how revisions were included in the final Standards.

The IIA will provide resources to aid internal auditors and stakeholders in understanding and implementing the new Standards to elevate internal audit performance and guide effective assurance and advisory services worldwide. A free webinar – Get to Know the Global Internal Audit Standards – is being offered to IIA members and nonmembers on January 24.

Visit The IIA's website for the latest news and information about the new Standards, including ongoing aspects of the IPPF Evolution, which will continue throughout the year.

About the International Internal Audit Standards Board
The IIASB has a mission "to serve the public interest by developing, issuing, maintaining, and promoting the International Standards for the Professional Practice of Internal Auditing (renamed the Global Internal Audit Standards™ in 2023) on a worldwide basis."

About The Institute of Internal Auditors and the Internal Audit Profession
Internal auditing is an independent, objective assurance and consulting activity designed to add value, improve an organization's operations, and help organizations meet their goals. Internal auditors are strategic business partners who bring an in-depth understanding of business culture, systems, and processes, which helps them evaluate and improve the effectiveness of risk management, control, and governance processes. The Institute of Internal Auditors (IIA) is an international professional association that serves more than 245,000 global members and has awarded more than 193,000 Certified Internal Auditor (CIA) certifications worldwide. Established in 1941, The IIA is recognized throughout the world as the internal audit profession's leader in standards, certifications, education, research, and technical guidance. For more information, visit theiia.org.

SOURCE The Institute of Internal Auditors