Get to Know the New Global Internal Audit Standards
The Institute of Internal Auditors (IIA) took a monumental stride forward with the release of its new Global Internal Audit Standards on 9 January 2024. These Standards, set to come into effect on 9 January 2025, were designed to help internal auditors respond better to today’s complex and rapidly changing business environment.
On 9 May 2024, IIA Singapore hosted the webinar, "Get to Know the New Global Internal Audit Standards" which attracted over 250 attendees from Singapore and beyond. Presented by Koh Chin Beng, Immediate Past President of IIA Singapore and a Member of IIA International Internal Audit Standards Board, he provided an overview of the implications and applications of these Standards. Attendees gained insights into the structure of the revamped International Professional Practices Framework (IPPF) and the new Standards. Chin Beng highlighted the primary changes between the 2017 Standards and the latest iteration, while also familiarising participants with the content in each section of the new Standards. Additionally, he discussed how the new Standards will affect internal auditors and their audit functions, emphasising their role as essential partners in today's rapidly changing business environment.
As businesses continue to navigate the complexities of a rapidly evolving business environment, the significance of robust internal audit practices cannot be overstated. The Standards help elevate the quality of internal auditing and enhance the internal audit function’s role as an essential business partner to boards and senior management.
In addition to the webinar, the IIA Standards Knowledge Center offers a variety of resources including tools, videos, podcasts, and more, to help internal auditors understand and implement the Standards.
