Understanding the 2024 Global Internal Audit Standards and the Boards Role

In response to the evolving Internal Audit profession, the Institute of Internal Auditors (IIA) has released the 2024 Global Internal Audit Standards (GIAS or the Standards) which will come into effect on January 9, 2025. While many changes focus on the structure and terminology of the Standards, they also highlight the critical activities for the Board and senior management that are essential to the success of the Internal Audit function. These activities are identified as the “essential conditions”.

The Chief Audit Executive (CAE) is to communicate these essential conditions, emphasizing their importance and other key aspects of the Standards. The Board plays a pivotal role in enabling the Internal Audit function to operate effectively and independently. By fulfilling these essential conditions, the Board ensures that Internal Audit can provide valuable assurance, advice, and insights to enhance the organization's governance, risk management, and control processes.

We invite you to join us for an interactive session designed to help Board members understand and execute your responsibilities in supporting and overseeing the Internal Audit function. This session will serve as a guide to the essential conditions, thereby contributing to the overall success and integrity of the organization.

Additionally, this session will assist your CAE in fulfilling the requirements of ‘Domain III: Governing the Internal Audit Function’, which involves discussions with the Board and senior management.