ISIA Unveils 2024 Global Internal Audit Standards

The International Internal Audit Standards Board (ISIA) recently announced the release of the highly anticipated Global Internal Audit Standards, marking a significant milestone in the evolution of internal audit practices worldwide. The comprehensive standards, the result of extensive collaboration and input, are poised to elevate the profession and guide the global internal audit community.

The Global Internal Audit Standards, officially released on January 9, 2024, are scheduled to become effective on January 9, 2025. Early adoption is encouraged, signaling the profession's commitment to embracing leading-edge practices. During the one-year transition period, the previous version, the International Standards for the Professional Practice of Internal Auditing (2017), remains approved for use.

Guiding Principles and Structure

At the core of the standards are 15 guiding principles that establish the foundation for effective internal auditing. These principles are underpinned by standards that include requirements, considerations for implementation, and examples of evidence of conformance. Together, they provide a robust framework to help internal auditors fulfill the Purpose of Internal Auditing and enhance the quality of their functions.

A "Condensed" version of the standards, excluding the recommended guidance sections, is available for practitioners seeking a version with only mandatory guidance.

The ISIA also introduces the new International Professional Practices Framework (IPPF), which encompasses the authoritative body of knowledge for the professional practice of internal auditing. This framework includes Global Internal Audit Standards, Topical Requirements, and Global Guidance. The soon-to-be-released Topical Requirements will complement the Global Internal Audit Standards.

For practitioners seeking additional resources, a mapping of the 2017 Standards to the 2024 Standards is forthcoming. The Standards Knowledge Center provides a wealth of supplementary materials.The standard-setting process, overseen by the IPPF Oversight Council, upholds robustness, transparency, and integrity, ensuring that the standards meet the highest standards of quality and relevance for the profession.

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