Internal Audit Functions Expected to Conform with New Requirements from January 9
Lake Mary, FL (January 16, 2025) – The Institute of Internal Auditors (The IIA) celebrated a significant milestone, the effective date of the new Global Internal Audit Standards™, first released in January of 2024 as part of the broader International Professional Practices Framework® (IPPF®) Evolution project. After having a year to begin implementing the new Standards, they became effective on January 9 of this year. The Standards provide a basis for assuring effective internal auditing.
Since their initial release a year ago, the Standards have been translated into 25 languages and downloaded nearly 600,000 times. Designed to help elevate internal audit performance, quality and consistency across sectors, the Standards 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 Anthony Pugliese, CIA, CPA, CGMA, CITP, President and CEO of The IIA. “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 worked to educate practitioners, Board members, and senior management to encourage early adoption and implementation of the Standards, producing a portfolio of resources including educational webinars, virtual and in-person courses, speaking engagements, and conference sessions and workshops.
The IPPF evolution continues this year with the release of Topical Requirements, which provide a baseline for providing assurance services in specific risk areas. 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. “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.”
For more information on the launch of the new Standards and the release of the Topical Requirements, click here.
About The Institute of Internal Auditors and Internal Audit Profession
Internal auditing is an independent, objective assurance and advisory service designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management, and control processes.
The Institute of Internal Auditors (The IIA) is an international professional association that serves more than 260,000 global members and has awarded more than 200,000 Certified Internal Auditor® (CIA®) certifications worldwide. Established in 1941, The IIA is recognized throughout the world as the internal audit profession's leader in standards, certifications, education, research, and technical guidance. For more information, visit theiia.org.