The Institute of Internal Auditors (The IIA) has announced the approval of new Global Internal Audit Standards by the International Internal Audit Standards Board (IIASB). The English version of these standards is slated for release next month.
In a press release, The IIA stated that the standards will take effect in January 2025. Following the initial release of the English version on January 9, 2024, other language versions will be rolled out in subsequent months. A webinar is scheduled for January 24, 2024, to familiarize practitioners with these new standards.
According to the same press release, The IIA views these new standards as a significant milestone in its IPPF Evolution project's timeline. This project was initiated in 2020 with the aim of conducting an exhaustive review of The IIA’s International Professional Practices Framework and subsequently updating it to enhance its relevance.
The final version of the standards, as per The IIA's press release, reflects the outcome of an extensive public comment process on the draft standards. The association revealed that it examined nearly 19,000 specific comments generated from 1,600 completed surveys. In the coming month, both The IIA and IIASB plan to publish a report highlighting themes derived from these comments and explaining IIASB's decisions in drafting the final version. Additionally, The IIA intends to issue a document mapping out connections between the 2017 International Standards for the Professional Practice of Internal Auditing and the newly approved 2024 Global Internal Audit Standards.
The IIA press release also provides some background information about the organization itself. Founded in 1942, this professional association boasts over 235,000 members globally and has granted almost 200,000 Certified Internal Auditor certifications to practitioners worldwide.
