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

The new Global Internal Audit Standards (GIAS) are mandatory for all internal auditors who comply with the professional standards and must be implemented by 9 January 2025. They are aimed at improving the quality and performance of the internal audit function and strengthening its position as an essential partner of the board of directors and company management. In regulated industries, an assessment by the supervisory auditor is to be expected. Implementation efforts are required for every internal audit function and the challenges should not be underestimated. Our gap analysis reveals the need for action and we support you with our expertise during implementation.

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.