New Global Internal Audit Standards: A game changer for internal audit functions

These new standards from the Institute of Internal Auditors (IIA) are a significant step forward for the internal audit community and provide a forward-looking, comprehensive framework to ensure the effectiveness and efficiency of your organisations' internal controls, risk management and governance processes.

Challenges for internal audit functions

The GIAS will replace the previous "International Standards for the Professional Practice of Internal Auditing" from 9 January 2025 and bring with them various changes that will vary depending on the internal audit function and entail different levels of effort.

The areas affected are in particular:

• Regulations, directives, audit manual
• Communication requirements with the Board of Directors and Executive Board
• Consideration of stakeholder expectations
• Performance targets and continuous improvement
• Topical requirements for the assessment of certain critical risks such as cybersecurity
• Specific standards and implementation guides for public sector internal auditors and small internal audit functions

Our approach

Step 1

Step 2

1. Gap analysis

• You will receive a detailed gap analysis that identifies your implementation requirements and provides an estimate of the work involved.
• The analysis is carried out with an independent and neutral view from the outside, but nevertheless in co-operation and coordination with you.

Your added value

• We have experience from many external quality assessments and our experts are themselves heads of internal audit that are outsourced to us.
• Our experts fully understand your sector, be it banking, insurance, industry, life sciences, NGOs or the public sector.
• You will have the opportunity to compare yourself with your peers, gain market insights and generate added value for your own internal audit.

2. Implementation support

Implementing the new GIAS is an important and challenging task for the internal audit function. We advise you throughout the entire process.

• Based on the detailed gap analysis, we work out the implementation requirements.
• We work hand-in-hand with you and guide you through the entire implementation process.
• We customise all the necessary documents for you.
• We provide you with the necessary new tools and expertise (e.g. for performance measurement).
• We organise training sessions for you and support you in communicating with your stakeholders.

Your added value

• You speak to us on an equal footing: our experts are themselves heads of internal audit that are outsourced to us.
• Our experts fully understand your sector, be it banking, insurance, industry, NGOs or the public sector.
• The entire implementation is carried out in close coordination with you and will meet your individual needs while being compliant with GIAS.

Bring your external quality assessment 2025 forward to 2024

If your internal audit is due for an external quality assessment in 2025 in accordance with the previous auditing standard 1312, we recommend that you bring this forward to 2024. In 2025, the new standards would only have been implemented for too short a time to be able to prepare a meaningful quality assessment for implementation. The assessment should be brought forward and submitted using the previous standards. With our expertise from the many quality assessments we have carried out, we are also your reliable and experienced partner for this.

Non-binding initial contact

We would be delighted to visit you for an initial meeting and an initial assessment or are available for a video call - without any obligation.

Contact us!