Global Internal Audit Standards project Update April 2024
First an introduction!
If you haven’t heard or met me yet I am the new Head of Technical Content and Research, Ann Brook. I have been working in internal audit now for almost 25 years and most recently at Birmingham City University leading on the MSc and Internal Audit Professional Apprenticeship. I started at the Institute just over 2 months ago now and thought it was time to start a regular blog to share what we are doing for the new Global Internal Audit Standards.
Global Standards
We are all aware that IIA Global issued the new Global Internal Audit Standards earlier in the year and they become effective on 9 January 2025. We are working hard now on several projects to ensure what we do aligns with them, but also developing tools to support you.
Chartered IIA Project Workstreams
The Certified Internal Auditor (CIA) syllabus is being updated by Global IIA and will be issued this May with new exams in place from May 2025. So all our material and support is being reviewed and updated.
Training Courses focusing on the existing International Professional Practices Framework also need to be reviewed and updated and potentially new courses developed in areas which are new or significantly changed in the new Global Standards.
Events and Forums are being used to support members and the profession as well, by delivering sessions on the Global Standards. The events plan takes this into account already and session content is now developed and will be amended as the year progresses.
External Quality Assessments are changing. This year we are offering an optional add on for an assessment against the new Global Standards and a new assessment framework will be needed for 9 January 2025 with 1 April 2025 being the last date that we will undertake assessments based on the IPPF.
Existing Technical Guidance provided on our website has to be reviewed and updated to reflect the new Global Standards. This work is now taking shape and the Member Volunteers are involved in this. The priorities are in the process of being established and a more detailed plan will be shared on this blog once finalised.
New Resources
We have set up a new area in the Resources section of the website dedicated to the new Global Internal Audit Standards where all our tools and guidance will be published to support internal audit functions with the transition. These are going to be practice driven and the current priorities already being developed are:
- Internal Audit Strategy Template with supporting guidance – due mid May
- Updated Internal Audit Charter – has been issued by Global IIA in editable format with accompanying guidance. We will review this and provide additional commentary / support over the coming month.
- Self-Assessment Checklist version one is imminent!
- Audit Committee ‘To Do’ List in support of the guidance issued by Global IIA on Domain III – due end of April
Other Initiatives
There are multiple initiatives underway outside of the Institute to support the Global Internal Audit Standards and no doubt more will be instigated over the coming months. We are involved / advising on these wherever possible to ensure that the UK & Ireland perspective is included. In addition, Global IIA still have many items to publish including several recommended tools, practice guides including the Quality Manual and the first of a series of Topical Requirements which will be mandatory. Therefore, specific activities will continue to develop over the coming 12 months as Global IIA issue more.
Keeping You Up to Date
The intention is to update the Technical Blog as and when things are issued by us and as plans are updated. We will also provide updates in the Chartered IIA LinkedIn Group, continue to provide answers to questions sent in (webtechnical@iia.org.uk) and the Drop in Clinic has been re-established – meeting monthly at the moment. All of these are ways you can ask questions, find out more form us and influence what we prioritise in delivering for you.
