Key changes in the IIA's 2024 Global Standards
January's release of the new IIA standard requires Internal Audit functions to consider further advancements - here we explore what these are.
2/21/20241 min read
The 2024 Global Internal Audit Standards introduce significant changes that impact the internal audit profession. Here are the key highlights:
Increased Focus on Public Interest:
The new standards emphasise how internal audit serves the public interest.
Auditors must consider the broader impact of their work on stakeholders and society.
Role of the Board in Governing Internal Audit:
The standards provide clarifications regarding the board’s role in overseeing internal audit.
Boards play a crucial part in ensuring effective internal audit practices.
Quality Assurance and Improvement Programs:
The updated standards introduce new requirements for quality assurance and improvement programs.
Auditors must enhance their processes for continuous improvement.
Strengthening Governance Frameworks:
The standards focus on improving organisations’ responsiveness to rapidly changing business environments.
Internal audit must align with governance structures effectively.
Specific Guidance for Public Sector and Small Internal Audit Functions:
The standards offer tailored guidance for internal auditors in the public sector.
They also address the unique challenges faced by small internal audit functions.
These changes reflect the evolving landscape of internal audit and aim to elevate the profession’s impact. Practitioners should familiarise themselves with these updates to enhance their practices.
For more details, refer to the 2024 Global Internal Audit Standards.
