As the global business environment evolves, so does the need for robust and adaptable internal audit standards. On January 9, 2025, the 

 officially released the Global Internal Audit Standards™, marking a significant shift in the International Professional Practices Framework (IPPF).

This change aims to provide a more comprehensive and accessible framework for internal auditors worldwide, consolidating existing guidelines into a streamlined and practical set of standards.

Here, we cover the basics of what internal auditors need to know to prepare for this transition.

Why the change in the Global Internal Audit Standards™?

The IIA's overhaul of the IPPF reflects the growing complexity of the business environment, technological advancements, and increasing stakeholder expectations for internal audit functions.

The new Global Internal Audit Standards™ aim to:

Enhance clarity by consolidating previously fragmented guidance.

Increase consistency across internal audit practices globally.

Enable adaptability in rapidly changing risk environments.

The updated framework focuses on helping internal auditors align their practices with current governance, risk and compliance (GRC) demands while positioning the profession to address future challenges effectively.

Key changes in the new standards for 2025

Previously, the IPPF comprised various elements, including the Core Principles, Definition of Internal Auditing, Code of Ethics and International Standards. Under the new framework, these components are integrated into a single, cohesive structure.

The new Global Internal Audit Standards™ include Topical Requirements, which provide detailed guidance on specific audit areas, such as:

This addition ensures internal auditors have clear directives for handling complex and high-risk areas.

While the framework retains mandatory compliance for certain elements, it also introduces principles-based guidance. This approach allows internal auditors to tailor their practices to organizational contexts without compromising quality or consistency.

The standards place greater emphasis on quality assurance and improvement programs (QAIPs). Organizations must ensure that internal audit functions continuously meet the new requirements, with external assessments based on the updated framework.

What do these changes mean for internal auditors?

The streamlined structure eliminates redundancy and simplifies compliance. Internal auditors can more easily understand and apply the standards in their day-to-day operations.

The inclusion of Topical Requirements equips internal auditors to tackle emerging risks, such as data privacy, artificial intelligence, and ESG (Environmental, Social, and Governance) compliance.

With a stronger emphasis on QAIPs, audit teams will need to maintain a higher level of accountability and demonstrate their adherence to the updated standards during external assessments.

How to prepare for changes in the Global Internal Audit Standards™

To prepare for the upcoming changes, organizations should take the following steps:

Evaluate your current internal audit practices against the new standards to identify areas for improvement. Focus on compliance with mandatory elements and alignment with the principles-based guidance.

Revise your internal audit methodologies to incorporate Topical Requirements. For example, if your organization operates in a heavily regulated industry, prioritize updates to governance and cybersecurity audits.

Ensure your audit team understands the new standards and their implications. Host workshops, attend IIA webinars, and leverage training resources to upskill your team.

Use technology to streamline compliance with the new standards. Audit management systems, data analytics tools, and AI-driven risk assessments can enhance efficiency and accuracy.

Begin planning for external quality assessments under the new framework. This includes documenting your adherence to the standards, implementing QAIPs, and addressing any gaps identified during the gap analysis.

Benefits of adhering to the IIA's new internal audit standards

The IIA encourages organizations to adopt the new standards as soon as possible. Adopting these standards offers several benefits:

Demonstrating compliance with the latest standards positions your organization as a leader in governance and risk management.

Aligning with the new standards enhances stakeholder trust in your internal audit function.

 Addressing compliance gaps early reduces the risk of nonconformance during external assessments.

Next steps for adopting the IIA's Global Internal Audit Standards™

The release of the new Global Internal Audit Standards™ represents a pivotal moment for the internal audit profession. By embracing these changes, internal auditors can enhance their value to organizations, strengthen governance and risk management practices, and stay ahead of emerging challenges.

To ensure a smooth transition, organizations must act now. By conducting gap analyses, updating methodologies and investing in training, internal audit teams can align their practices with the new standards and position themselves for long-term success.

Yes, the mandatory elements of the framework, such as Topical Requirements, must be followed by internal auditors. However, the principles-based guidance allows for flexibility based on organizational needs.

2. How will the new Global Internal Audit Standards™ impact small and medium-sized enterprises (SMEs)?

The standards are designed to be scalable, ensuring that SMEs can adopt them without significant resource constraints. The principles-based approach is particularly beneficial for smaller organizations.

3. What resources are available to help with the transition?

The IIA has developed several tools to support organizations, including:

Standards Conformance Readiness Assessment Tool

Detailed implementation guides for Topical Requirements

New Global Internal Audit Standards™: What internal auditors need to know

In the boardroom, where decisions shape the trajectory of organizations, the allure of AI-powered tools has never been stronger. Promising to transform decision-making with data-driven insights and operational efficiencies, AI has become a key discussion point for governance professionals and board directors.

Yet, the reality of AI’s capabilities is often clouded by myths and misconceptions. For boards and leadership teams pondering the adoption of AI to aid with boardroom tasks and governance workflows, separating fact from fiction is critical when 

Here, we’ll debunk four common myths about AI in decision-making and provide a clearer picture of how this transformative technology can (and cannot) serve boards effectively.

Myth 1: AI can replace human judgment in the boardroom

AI enhances, but does not replace, human expertise.

AI excels at analyzing vast amounts of data, identifying patterns, and providing insights that might otherwise go unnoticed. However, board decisions often hinge on nuanced judgment, ethical considerations, and a deep understanding of context — areas where human directors are indispensable. AI tools should be viewed as complements to human expertise, not substitutes.

 effortlessly extracts key insights from extensive board book content, distilling it into pointed questions and talking points. This empowers directors to spend less time digesting dense material and more time concentrating on meaningful discussions and informed decision-making. However, it is ultimately the board’s collective experience and strategic foresight that chart the best course of action.

Myth 2: AI is too unpredictable to trust in critical decisions

 With purpose-built tools, strong governance and data security measures, AI can be both predictable and trustworthy.

Generative AI's potential for bias or hallucination does not mean it cannot be trusted in decision-making. While concerns about inaccuracies in AI are valid, they can be mitigated by choosing AI solutions that prioritize data integrity and transparency. Boards must ensure that the AI tools they use are purpose-built for governance, with stringent safeguards to secure sensitive information, prevent misuse and the propagation of bias, ultimately ensuring reliability when navigating complex governance challenges.

By choosing purpose-built AI with these principles, boards can confidently leverage AI's strengths without compromising their standards or security.

Myth 3: AI is too complex for most boards to adopt

 Modern AI tools are designed with usability at the front and center.

The best AI-powered solutions for boards focus on user-friendly interfaces and practical applications. Directors do not need to be data scientists to leverage AI effectively; they simply need tools that present insights in a digestible and actionable format. Many board management platforms incorporate AI features that seamlessly integrate into existing workflows.

 Deliver concise overviews of lengthy board materials, enabling directors to focus on key issues.

 Present data and insights in clear, visually engaging formats for quick understanding.

 Offers text-to-speech insights, making board prep efficient during commutes or workouts.

 Automatically convert shorthand notes and meeting minutes into actionable steps, streamlining follow-ups.

Automated news alerts & competitive insights

: Deliver timely AI-generated market intelligence for strategic planning and shareholder communications.

Myth 4: AI adoption is too risky for boards under regulatory scrutiny

 Properly governed AI can reduce risks and enhance compliance.

Far from adding risk, AI can bolster compliance efforts by identifying potential regulatory breaches, automating monitoring processes, and maintaining robust audit trails. When adopted responsibly, AI becomes a tool for reducing operational and reputational risks, particularly for public companies or those in industries facing intense regulatory scrutiny.

 AI-powered comparison tools can accelerate benchmarking and removes manual errors from industry and competitive analysis, ensuring accuracy in compliance reports and filings.

To harness the full potential of AI while avoiding pitfalls, boards should:

 Ensure clear policies are in place for the ethical and responsible use of AI tools. 

 Provide directors with training to understand AI capabilities and limitations. 

Discover the latest AI oversight education resources.

 Use AI tools designed specifically for board governance, with principles of data security and transparency at the core. 

 Involve internal and external experts like IT, legal counsel, risk and compliance teams and other specialists when it comes to your AI implementation and oversight. 

AI holds immense promise for enhancing boardroom decision-making, but it’s not a magic bullet. By dispelling myths and embracing the reality of AI’s capabilities, boards can make informed choices about how to integrate this powerful technology into their governance practices. The key lies in using AI to augment, not replace, human expertise—ensuring that directors remain at the heart of strategic decision-making while leveraging AI to enhance their impact.

Ready to explore how AI can transform your board’s decision-making process? 

 of our AI-powered board management platform today.

Discover how AI-assisted board management software can boost your board’s efficiency, decision-making and planning with tools to use before, during and after the board meeting.

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New Global Internal Audit Standards™: What internal auditors need to know

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New Global Internal Audit Standards™: What internal auditors need to know

Debunked: 4 myths about AI-assisted decision-making in the boardroom

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Your Data Matters

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