Embracing the New IIA Global Internal Audit Standards: Insights from the Big Four

In 2024, the Institute of Internal Auditors (IIA) introduced significant updates to its Global Internal Audit Standards, effective January 2025. The Big Four accounting firms—PwC, Deloitte, EY, and KPMG—have provided valuable insights on implementing these new standards.

PwC emphasizes aligning internal audit strategies with organizational objectives and risks, integrating ESG factors, and enhancing cybersecurity and IT governance. This ensures audits are value-driven and resilient.

Deloitte highlights structural changes, consolidating multiple guides into one document, and the need for internal audit plans based on documented assessments of strategies, objectives, and risks.

EY focuses on the enhanced role of the Chief Audit Executive (CAE) in aligning audit strategies with organizational goals and maintaining a Quality Assurance and Improvement Program (QAIP) for continuous improvement.

KPMG discusses integrating assurance and consulting standards and the importance of board and senior management involvement in overseeing internal audit functions.

To implement the new IIA standards:

1. Develop and align the internal audit strategy with organizational objectives and risks.
2. Document and assess the organization’s strategies, objectives, and risks.
3. Ensure board and senior management support.
4. Conduct regular internal audit reviews and maintain a QAIP.
5. Provide ongoing training and development for internal audit staff.

By following these steps, internal audit functions can ensure compliance with the new IIA standards and enhance their strategic value.

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