Institute of Internal Auditors Releases The New Global Internal Audit Standards
The Institute of Internal Auditors has released new standards, the Global Internal Audit Standards, which will come into effect on January 9, 2025. The previous version, the International Standards for the Professional Practice of Internal Auditing, released in 2017, will remain approved for use during a one-year transition period. Early adoption of the new standards is encouraged.
These standards are designed to guide internal audit functions in fulfilling their purpose within various public sector entities. At the core of the Standards are 15 guiding principles that enable effective internal auditing. Each principle is supported by standards containing requirements, considerations for implementation, and examples of evidence of conformance. Together, these elements help internal auditors fulfil their role in elevating the quality of internal auditing and enhancing the internal audit function’s role as an essential business advisor to Boards and Senior Management.
The new standards, which are principle-based, have been integrated into the International Professional Practices Framework (IPPF), which now includes the Global Internal Audit Standards, Topical Requirements, and Global Guidance.
Furthermore, the Standards have a dedicated section on their application in public sector entities, aligning with the requirements of the PFM Act, 2012 and Regulations, 2015 for National and County Governments. This ensures that internal auditors in the public sector are equipped with the necessary standards to carry out their roles effectively and in compliance with the regulatory framework and will enhance the effectiveness of internal audit functions in the public sector.