Global Internal Audit Standards – what’s new?

The proposed Global Internal Audit Standards introduce 5 logical domains to guide the professional practice of internal auditing. These domains consist of 15 principles, with underlying requirements (“must do”) and considerations (“should do”), i.e. the Standards.

We at ONE Risk Advisory have attributed to the development of these new Standards. We believe they are a great next step in adding value to our internal auditing profession.

What we noticed :

• Better developed governance around the Internal Audit Function, with more attention for the role of the Supervisory Board.
• Even more attention for ethics, regarding behavioral expectations of Internal Auditors as well as their contribution to the ethical culture in the organization.
• Introducing the need for a clear vision and strategy of the Internal Audit Function, and how it supports the success of the organization.
• The Standards have more stringent requirements (including formal documentation).

In the coming weeks, we will regularly post on this topic. Where we will give insight in specific changes and what it means for you as an Internal Auditor or your Internal Audit Function.

Please reach out if you have any questions regarding the proposed Standards and how it will affect you, your Internal Audit Function or your organization. We are happy to help.