Article
Preparing for your external quality assessment under the Global Internal Audit Standards
Jan. 31, 2025 · Authored by Ashley Deihr, Tiffany Grossman
The Institute of Internal Auditors (IIA) Global Internal Audit Standards (Standards) are officially in effect as of Jan. 9, 2025—introducing new domains, principles and standards that internal audit functions must follow. This article provides an overview of these changes and offers guidance on preparing for an external quality assessment (EQA) to help ensure compliance and enhance the effectiveness of your internal audit function.
Overview of the new Standards
The updated Standards are organized into five domains, encompassing 15 principles and 52 standards. These domains provide a structured approach to internal auditing, ensuring comprehensive coverage of all critical aspects. Baker Tilly internal audit specialists have explored each of the five domains in full, diving deep into noteworthy changes and expected impacts:
- Purpose of internal auditing
- Ethics and professionalism
- Governing the internal audit function
- Managing the internal audit function
- Performing internal audit services
Each domain includes mandatory requirements, implementation considerations and examples of evidence to demonstrate conformance.
Key changes in the new Standards
The new Standards are organized by the following key areas:
- Purpose of internal auditing: Clarifies the fundamental role of internal auditing in creating, protecting and sustaining value within an organization.
- Ethics and professionalism: Sets minimum requirements for the behavior of internal auditors, including integrity, objectivity, competency, professional care and confidentiality.
