Revised Global Internal Audit Standards – Is your Internal Audit function ready?

From January 2025, the Institute of Internal Auditors will require Internal Audit functions to comply with the revised Global Internal Audit Standards published in 2024.  

This represents a substantial change for Internal Audit departments to integrate recent advancements in the profession and embrace changes to enhance the value Internal Audit can bring to its stakeholders. 

 IA vision, strategy & skills

• Has your Internal Audit department developed a strategy for the function?
• Does your function use technology to  enable insightful use of data?
• Does your function have the range of skills, experience and capabilities needed to deliver the required changes?
• Is your function ready for the heightened ethical expectations and behavioural attributes?

Reporting & communication

• Does your Internal Audit function have regular and transparent interaction with the board and senior management team?
• Have you evaluated how your function will evolve its reporting to meet the changes?
• Do you understand how the function is perceived and what it would need to do to develop/enhance the way it communicates?

Quality & performance

• Have you considered/defined the critical success factors for the Internal Audit function?
• Has your Board/Audit committee evaluated/approved the IA function’s performance objectives?
• Does the Board/Audit committee input to the Head of Internal Audit’s appraisal?
• How do you assess the qualitative aspects of your internal audit delivery?

Relevance to the business

• Allows for a more proactive response to an increasingly dynamic business operating environment
• Considers the digital impact of doing business
• Greater focus on auditing against key risks, providing additional insights and value that align to strategic priorities of the business
• Emphasis on strengthening communication channels and greater engagement across the business
• Elevated quality to accentuate the role of internal audit as a key business partner, delivering in a much more efficient way

How can Evelyn Partners help you transform

Readiness assessment:

• Identify what changes are needed to comply with the standards and develop an action plan
• Gain buy in from Senior leaders and Audit Committee to invest in/drive the changes needed

Develop IA Strategy and transform audit plan:

• Ensure there is greater alignment of internal audit priorities and the strategic aims of the organisation
• Assess and define critical success factors and qualitative measures

Upskill your people:

• Undertake IA skills analysis and develop action plan to broaden the capabilities of the team.

If you would like to discuss any of the above further, or have any questions about how we can help, please get in touch.