Global Internal Audit Standards?

In the face of a rapidly changing risk landscape, the Institute of Internal Auditors (IIA) took a bold step in 2023 by revising its Global Internal Audit Standards?.

This pivotal move not only marks a significant evolution in the profession but also opens a door of opportunity for Internal Audit (IA) functions.

By integrating the latest in good practice, IA teams can now transform their operations, significantly boosting the value they deliver to stakeholders.

A key change, for instance, includes a heightened focus on technology risks, compelling organizations to rethink their digital security strategies.

As 2024 unfolds, it’s imperative for organizations to actively consider their approach to these new Standards, setting the stage for full conformity by 2025.

This strategic response is not just a matter of compliance but a step towards embracing a more resilient and forward-thinking audit function.

The Internal Audit Standards provide a comprehensive framework for excellence in auditing, neatly organized into five (5) key domains:

• Domain I: Purpose of Internal Auditing - This foundational domain clarifies the core objectives and mission of the audit function.
• Domain II: Ethics and Professionalism - Here, the focus is on the ethical conduct and professional standards expected of auditors.
• Domain III: Governing the Internal Audit Function - This domain outlines the oversight responsibilities and governance policies that underpin effective audit practices.
• Domain IV: Managing the Internal Audit Function - Operational management, resource allocation, and strategic planning are central to this area.
• Domain V: Performing Internal Audit Services - The final domain details the execution of audit services, emphasizing the methods and practices of delivering audit results.

This structure ensures that each aspect of internal auditing is addressed comprehensively, supporting auditors in upholding the integrity and efficacy of their work.

Central to the Standards are fifteen (15) guiding principles that form the backbone of effective internal auditing. Each principle is bolstered by detailed fifty-two (52) standards, which include specific requirements, actionable considerations for implementation, and real-world examples that demonstrate conformance.

Read, and download the full version of Global Internal Audit Standards? from the Institute of Internal Auditors (IIA): https://www.theiia.org/en/standards/2024-standards/global-internal-audit-standards/