Chartered Accountants
Knowledge & Resources
01
NEW GLOBAL INTERNAL AUDIT STANDARDS
The new Global Internal Audit Standards, released January 9, 2024, will become effective January 9, 2025. Internal audit functions may start adopting the Standards now.
The Standards guide the worldwide professional practice of internal auditing, are principle-based, and serve as a basis for evaluating and elevating the quality of the internal audit function. At the heart of the Standards are 15 guiding principles that enable effective internal auditing. Each principle is supported by standards that contain requirements, considerations for implementation, and examples of evidence of conformance. Together, these elements help internal auditors achieve the principles and fulfill the Purpose of Internal Auditing.
The previous version, the International Standards for the Professional Practice of Internal Auditing released in 2017, remains approved for use during a one-year transition period.
Source: The Institute of Internal Auditors
02
NEW GLOBAL INTERNAL AUDIT STANDARDS - CONDENSED FORM
A “Condensed” version of the Standards – without the recommended guidance of the considerations for implementation and examples of evidence of conformance sections – is provided for practitioners who want a version that only includes mandatory guidance.
Source: The Institute of Internal Auditors
03
GLOSSARY COMPARISON: 2024 GLOBAL INTERNAL AUDIT STANDARDS TO 2017 STANDARDS
Terms included in the 2024 Global Internal Audit StandardsTM Glossary are those for which the International Internal Audit Standards Board sought to ensure a common meaning globally and consistent usage throughout the content of the Standards and International Professional Practices Framework.
Source: The Institute of Internal Auditors
04
WHAT IS RISK MANAGEMENT & WHY IT IS IMPORTANT
Businesses can’t operate without risk. Economic, technological, environmental, and competitive factors introduce obstacles that companies must not only manage but overcome. According to PwC’s Global Risk Survey, organizations that embrace strategic risk management are five times more likely to deliver stakeholder confidence and better business outcomes and two times more likely to expect faster revenue growth.
Credit: Kate Gibson, Harvard Business School Online