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Unpacking the 2024 Global Internal Audit Standards

The world of internal auditing is on the cusp of a significant transformation. The Institute of Internal Auditors (IIA) has rolled out the new Global Internal Audit Standards, a comprehensive update that aims to modernize and elevate the profession to meet the evolving demands of the global business landscape. Let's delve into the key aspects of these changes.

A New Structure for a New Era

One of the most notable shifts in the 2024 Global Internal Audit Standards is the structural overhaul. Moving away from the traditional “Attribute and Performance Standards”, the IIA has introduced 15 guiding principles categorized within five domains: Purpose of Internal Auditing, Ethics and Professionalism, Governing the Internal Audit Function, Managing the Internal Audit Function, and Performing Internal Audit Services. This reorganization aims to streamline the Standards, making them more accessible and relevant to today's audit environment.

Enhanced Roles and Responsibilities

The new Standards significantly emphasize the roles and responsibilities within the internal audit function. Chief among these is the enhanced role of the board, particularly the Audit Committee, in governing internal audit activities. There's also a clearer definition of the responsibilities of Chief Audit Executives (CAEs), ensuring better alignment with organizational objectives and standards.

Quality and Performance at the Forefront

Quality assurance is a cornerstone of the new Standards. The focus is not just on adherence to Standards but also on the overall performance and contribution of the internal audit function to the organization's success. The updated Standards mandate formal documentation and communication of non-conformance areas, requiring Board approval for the internal audit function’s performance objectives and input from senior management.

Public Sector and Small Functions Consideration

Recognizing the diverse nature of organizations, the 2024 Standards include specific considerations for the public sector and small functions. This inclusivity ensures that the Standards are applicable and beneficial across various organizational types and sizes.

IPPF Evolution and Stakeholder Engagement

The 2024 update is part of the larger IPPF Evolution project initiated by the IIA. This extensive project, started in 2020, reflects the IIA's commitment to keeping internal audit practices aligned with contemporary challenges. Notably, the development process of the new Standards involved comprehensive stakeholder engagement, with nearly 19,000 comments from surveys and direct feedback shaping the final version.

Implementation and Transition

The new Standards, set to be effective from January 2025, come with an array of supporting resources to aid in the transition. The IIA will release a mapping document contrasting the 2017 and 2024 Standards and offer webinars to help practitioners familiarize themselves with the changes. 


The 2024 Global Internal Audit Standards mark a pivotal moment in the internal audit profession. By simplifying structures, clarifying roles, and focusing on performance and quality, these changes demonstrate the IIA's foresight in adapting to the dynamic business environment. As internal audit functions worldwide gear up for this transition, the emphasis is firmly on enhancing the value and effectiveness of internal auditing in the years to come.