Earlier this year The Institute of Internal Auditors (IIA) introduced the new Global Internal Audit Standards (‘The Standards’), effective 9 January 2025. These new standards replace the 2017 International Standards for the Professional Practice of Internal Auditing and serve as a guide for evaluating and elevating the quality of the internal audit function. 

There are notable changes which it introduces as it is designed to improve global practices by setting more specific and rigorous requirements. There is a one-year transition period where the 2017 Standards remain in effect, but early adoption of the new standards are encouraged. The Standards are effective from January 9, 2025.

Partner and Head of Risk Assurance and Internal Audit, Si Mathavan, shares his view on the standards and what businesses need to be thinking about: