The Latest Update in International Internal Audit Standards for 2024

In today's complex and dynamic business environment, internal audit functions play a critical role in providing assurance, managing risks, and enhancing organizational performance. Central to the effectiveness of internal audit activities are the standards set forth by The Institute of Internal Auditors (IIA). These standards serve as guiding principles for internal auditors worldwide, ensuring consistency, quality, and professionalism in their practices.

The IIA standards serve as a catalyst for continuous improvement within internal audit functions. The business environment is constantly evolving, with new risks, technologies, and regulatory requirements emerging regularly. To remain effective in addressing these evolving challenges, internal auditors must be informed about the latest best practices and methodologies. The IIA periodically updates its standards to reflect changes in the business landscape, incorporating new insights and lessons learned from industry developments. Therefore, staying updated with the IIA standards enables internal auditors to adapt and improve their audit processes over time, ensuring their relevance and effectiveness.

The new International Internal Audit Standards were published by IIA on January 9, 2024, and will be effective from January 9, 2025. The previous version of the International Standards for the Professional Practice of Internal Auditing was published in 2017 and will continue to be used during a one-year transition period.The new International Internal Audit Standards will advance the profession and support practitioners worldwide in conducting all types of audits based on a single and unified set of IIA Standards.

The new International Internal Audit Standards:

• Advances the profession.
• Facilitates easy access to critical knowledge.
• Influences the profession's future trajectory.
• Guides effective assurance and consulting services.
• Contains a dedicated section for the public sector.
• Simplifies by gathering essential elements in one place.
• Highlights the importance of high-quality internal audit performance.
• Offers principles and requirements for superior internal audit services.
• Assists internal auditors in becoming more effective partners for the board and senior management.

Click here for the new International Internal Audit Standards and detailed information.