Global Internal Audit Standards (GIAS) - Overview and Contrast to 2017 International Professional Practices Framework (IPPF)

Overview

In May 2023, the IIA released a draft of the new Global Internal Audit Standards. The intent was to provide more effective standards for Internal Audit globally.

The new Global Internal Audit Standards were released on January 9, 2024, and will become effective January 9, 2025. 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. The Global Internal Audit Standards guide the worldwide professional practice of internal audit. They serve as a basis for evaluating and elevating the quality of the internal audit function. The Standards use 15 guiding principles with five separate domains that enable effective internal audit implementation and examples of evidence of conformance. The Global Standards are organized into five domains.

• Domain I: Purpose of Internal Auditing
• Domain II: Ethics and Professionalism
• Domain III: Governing the Internal Audit Function
• Domain IV: Managing the Internal Audit Function
• Domain V: Performing Internal Audit Service

Prerequisites

None

Objectives

• Overview of proposed changes to the Standards
• Major themes in comment letters on Standards
• Mapping structure of the 2017 Standards to 2024 Standards
• Specific Comments and responses

Highlights

• Accounting
• Internal Controls
• Internal Audit Standards