The Institute of Internal Auditors (IIA) released the 2024 Global Internal Audit Standards (Standards) on January 9, 2024. The Standards will be effective from January 9, 2025.
The previous version, the International Standards for the Professional Practice of Internal Auditing, released in 2017 (2017 Standards), remains in use during the one-year transition period – and early adoption of the new Standards is encouraged. The IIA released its proposed changes to the 2017 Standards in March 2023, which included structural changes in addition to new or changing content.
After an extensive public comment process in which it is evident feedback was carefully considered, the IIA made further important revisions to the new Standards and the International Internal Audit Standards Board (IIASB) approved them for release in December 2023.
Whilst many of the principles touch on familiar areas, the new Standards are intended to raise the bar for internal audit functions globally by making the Standard requirements more specific and demanding.