IIA Global Internal Audit Standards take effect

The Institute of Internal Auditors announced that its Global Internal Audit Standards officially became effective on Jan. 9.

The updated standards were released in January 2024 as part of the IIA's broader International Professional Practices Framework Evolution project, giving internal auditors a year to familiarize themselves with the new standards and begin implementing them.

Since their release a year ago, the standards have been translated into 25 languages and downloaded nearly 600,000 times. The standards are designed to help elevate internal audit performance, quality and consistency across sectors, and have been updated with a focus on internal audit strategy, stakeholder relationships, and internal audit performance measurement and accountability. They also introduce the governance conditions essential for effective internal auditing. The standards were developed through a multiyear process engaging thousands of stakeholders globally including internal audit practitioners, service providers, standard-setters, and others with interests in effective internal auditing.

"The new standards going into effect represents a pivotal achievement in The IIA's mission to advance the internal audit profession and empower auditors to deliver even greater value to the organizations they serve," said IIA president and CEO Anthony Pugliese in a statement Thursday. "At the IIA, our priority is to equip practitioners with the agility and adaptability needed to navigate the profession's ever-evolving demands. I'm immensely proud of our efforts to engage stakeholders throughout the IPPF Evolution process and to support our global members as they embrace these transformative Standards."

Over the past year, the IIA has been educating audit practitioners, board members and senior management on the standards while encouraging early adoption and implementation of them. It's been offering a set of resources including educational webinars, virtual and in-person courses, speaking engagements, and conference sessions and workshops. 

The IPPF project is continuing this year with the release of Topical Requirements, which provide a baseline for providing assurance services in particular risk areas such as cybersecurity. The first Topical Requirement on Cybersecurity will be available in multiple languages in February, followed by Third-Party Risk, Culture and Business Resiliency.

"The release of the Topical Requirements marks the next phase of our mission to ensure the IPPF remains relevant and valuable to practitioners worldwide," said Benito Ybarra, IIA executive vice president of global standards, guidance and certifications, in a statement. "The Topical Requirements are intended to address the most pervasive global risks, helping ensure practitioners are well-equipped to review and respond to these priority risks in a consistent and uniform manner."

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