NEW! This Special Edition of Global Perspectives & Insights - Updating Standards for a Changing World


IPPF Evolution: The Global Internal Audit Standards

Internal audit professionals around the globe rely on the International Standards for the Professional Practice of Internal Auditing (Standards) and the International Professional Practices Framework (IPPF) to help navigate the complex world of risk management, governance, and control. For more than a generation, these documents from The Institute of Internal Auditors (IIA) have guided practitioners in providing internal audit assurance and advice that is independent, objective, effective, efficient, ethical, and of the highest quality.

During that time the fundamentals of risk management – identifying relevant risks to organizational goals and strategies, assessing likelihood and impact, establishing a risk appetite, and creating internal controls to manage risks — have remained consistent. However, the speed at which risks emerge, factors that add volatility and complexity to risk, and evolving attitudes about the purpose and nature of organizations have created new challenges and demands for today’s
internal auditors.

“I have spoken to literally hundreds of internal auditors from all parts of the world, both in my role as a former IIA Global Board Chairman and in my current role,” said International Internal Audit Standards Board (IIASB) Chairman Mike Peppers. “What I have heard from them is that they need clear and direct guidance from The IIA. While the IPPF provides that guidance, its various components sometimes create confusion about how they apply to internal auditors, and about the roles and responsibilities for frontline practitioners, chief audit executives, executive management, and the board. Now more than ever, we need standards that meet their needs and raise the quality of the internal audit services they provide.”

Indeed, the future demands internal audit services that are timely, relevant, and impactful. This requires standards that are insightful, prescient, clear and direct. To meet that demand, The IIA will soon release a public comment draft that dramatically changes how the Standards and other elements of the IPPF are presented and explained. The new Global Internal Audit Standards™ more clearly articulate the keys to effective internal auditing by grouping the Standards into five domains:

  • Domain I: Purpose of Internal Auditing
  • Domain II: Ethics and Professionalism
  • Domain III: Governing the Internal Audit Function
  • Domain IV: Managing the Internal Audit Function
  • Domain V: Performing Internal Audit Services

This special edition of Global Perspectives & Insights provides an overview of the proposed new Global Internal Audit Standards, background on how they were developed, and considerations for how the updated Standards can be applied. It also examines how conformance to the updated Standards will help future generations of internal auditors meet and exceed the demands of our stakeholders and add value to their organizations.

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