BarnOwl Info Sharing Insight: Global Internal Audit Standards 2024 – Key Changes to Note presented by Anastacia Mabula, Institute of Internal Audit SA, Manager: Advocacy and Strategic Communications 

Thank you very much Anastacia for your excellent presentation on ‘Global Internal Audit Standards 2024 – Key changes to note’ at the BarnOwl info-sharing event held on 28th May 2025. Thank you to all those who attended the session.

Structural Changes include:

• New Framework: 5 Domains, 15 Principles, and 52 Standards.
• Includes requirements, implementation considerations, and evidence of conformance.
• New features: Topical Requirements, Public Sector Application Guide, Glossary, and Fundamentals section.

For related reading, you may be interested in: The Essential Internal Audit Guide

Presentation Agenda for Global Internal Audit Standards in 2024

Watch the Global Internal Audit Standards 2024 presentation from the Agenda on YouTube.

The Global Internal Audit Standards – manual to guide you

Watch the introduction to GIAS on YouTube

Significance for Internal Auditors

1. Raise the Bar
   Internal auditors are expected to go beyond compliance and checkbox auditing. By raising the bar, they lead with insight, contribute to strategic goals, and add measurable value to the organisation. This requires a mind-set of continuous improvement and innovation in audit approaches.
2. Professional Conduct
   Ethical integrity and independence are foundational. Upholding the highest standards of professional conduct fosters trust with stakeholders, enhances the credibility of audit outcomes, and reinforces the auditor’s role as a critical line of defence.
3. Upskilling
   In a rapidly changing business environment, internal auditors must continuously build skills in areas like data analytics, ESG, cybersecurity, AI, and risk management. Upskilling ensures auditors remain effective, forward-looking, and aligned with emerging risks.
4. Relevant
   Audit plans and activities must align with the organisation’s strategic priorities and evolving risk landscape. Relevance means asking the right questions, focusing on what matters most, and delivering timely, actionable insights.
5. Accessible
   Internal audit must be approachable and responsive to management and the board. Building relationships and maintaining open lines of communication helps embed audit more deeply into the business and fosters a culture of collaboration and transparency.
6. Practical
   Audit recommendations should be grounded in operational realities—feasible, pragmatic, and tailored to the business context. A practical internal audit function drives real change by offering implementable solutions rather than abstract theory.

Significance to the Internal Audit Function

1. Purpose and Effectiveness
   The internal audit function exists to provide independent assurance that an organisation’s risk management, governance, and internal control processes are operating effectively. Its effectiveness lies in its ability to deliver insights that support sound decision-making and improve business performance.
2. Commitment to Quality
   High-performing internal audit functions prioritize quality at every stage—from planning to reporting. Adherence to professional standards, robust quality assurance reviews, and a culture of excellence are critical to maintaining credibility and stakeholder confidence.
3. Continuous Learning
   To stay relevant and add value, internal audit must foster a culture of continuous learning. This includes embracing new methodologies, keeping up with regulatory changes, and developing competencies in emerging risk areas such as technology, ESG, and data governance.
4. Strategic Approach
   Modern internal audit functions align their work with the organisation’s strategy. They move beyond traditional assurance to play a proactive role in advising management, anticipating risks, and contributing to long-term success through risk-informed recommendations.
5. Clarify Expectations
   Clear communication of internal audit’s role, scope, and limitations is essential for managing stakeholder expectations. This transparency helps build trust and ensures alignment with board and executive priorities.
6. Essential Conditions
   For internal audit to thrive, it needs independence, adequate resources, direct access to the board or audit committee, and support from top leadership. These foundational conditions enable the function to act with objectivity and impact.

Significance to the Internal Audit Profession

1. Applicability
   For internal auditing to remain a vital profession, its principles, standards, and practices must be adaptable and applicable across industries, sectors, and geographies. The profession’s relevance depends on its ability to respond to evolving risks and business models.
2. Partnerships
   Strong partnerships with stakeholders — including management, the board, external auditors, regulators, and peers — enhance the profession’s influence. Collaboration fosters a better understanding of organisational priorities and strengthens audit’s role in achieving strategic outcomes.
3. Credibility
   The profession’s strength lies in its credibility. Adherence to ethical standards, independence, and professional competence underpin trust in internal audit’s findings and recommendations. Maintaining this credibility is essential for continued stakeholder confidence.
4. Impact
   Internal audit’s value is measured by its impact — how effectively it helps organisations improve controls, manage risks, and achieve objectives. The profession must consistently demonstrate how it contributes to business resilience, innovation, and long-term success.
5. Global
   Internal audit is a globally recognised profession with common standards (e.g., the International Professional Practices Framework). This global foundation promotes consistency, cross-border relevance, and a shared understanding of internal auditing’s purpose and value.
6. Evaluating the Profession
   Ongoing evaluation of the profession — through external quality assessments, benchmarking, and feedback mechanisms — ensures it continues to evolve, adapt, and meet stakeholder expectations. Reflective self-assessment is key to advancing internal audit’s maturity and influence.

The Global Internal Audit Standards – 5 Domains, 15 Principles, 52 Standards



Watch the structure of GIAS on YouTube.



The Global Internal Audit Standards – Key Changes




Watch key changes to Global Internal Audit Standards on YouTube.



The Global Internal Audit Standards – New Requirements








Watch new requirements from IAF on Youtube.



Key Areas of Conformance






Watch key areas of conformance in GIAS on YouTube.



Topical Requirements




Topical Requirements

Topical Requirements for 2024 from IIA are mandatory when internal auditors provide assurance services on specific subjects identified through risk assessments. They are recommended but not required for advisory services. Each Topical Requirement becomes effective 12 months after its issuance, allowing organisations time to prepare for implementation.
https://www.theiia.org/en/standards/2024-standards/topical-requirements/

These requirements serve as a baseline for evaluating and assessing the effectiveness of governance, risk management, and control processes on specific risk topics.

As of June 2025, the IIA has issued or planned the following Topical Requirements

• Cybersecurity: Issued on February 5, 2025.
• Third-Party Risk: Draft released for public comment in March 2025.
• Organisational Behavior: Draft expected to open for public consultation in July 2025.
• Organisational Resilience: Public consultation coming soon.

Each Topical Requirement is accompanied by a user guide to assist internal audit functions in implementation. Watch the presentation cover Topical Requirements on Youtube.



IPPF Resources




Watch the IPPF Resources on YouTube.

Conclusion

The new Global Internal Audit Standards released by The Institute of Internal Auditors (IIA) in 2024 represent a significant update, aiming to modernize and strengthen the internal audit profession worldwide. These standards are built around 15 guiding principles and emphasize six Key Areas of Conformance, which internal audit functions must address to operate effectively and credibly.

1. Purpose of Internal Auditing
   This area reinforces the core mission of internal auditing: to enhance and protect organisational value by providing risk-based and objective assurance, advice, and insight.
• It highlights the need for a clearly articulated purpose aligned with the organisation’s governance structure and strategic objectives.
2. Ethics and Professionalism
   Upholding integrity, objectivity, confidentiality, and competency is foundational.
• The updated standards re-emphasize professional behavior and ethical conduct in all audit engagements.
• This also aligns closely with the IIA’s Code of Ethics, ensuring trust and credibility are maintained.
3. Governing the Internal Audit Function
   Strong governance ensures internal audit independence, appropriate resourcing, and alignment with enterprise risk management and strategy.
• The standards place more emphasis on audit committee oversight, including quality assurance and performance expectations.
4. Managing the Internal Audit Function
   This area addresses how the Chief Audit Executive (CAE) leads the function, manages resources, and delivers against the audit plan.
• It includes strategic planning, talent management, and operational oversight to ensure internal audit is agile, effective, and aligned with organisational priorities.
5. Performing Internal Audit Services
   Focuses on how audit engagements are planned, executed, and communicated.
• The standards reinforce the importance of a risk-based approach, data-driven insights, and actionable reporting that supports decision-making.
• This also introduces modern techniques like real-time auditing and continuous assurance mechanisms.
6. Communicating Results and Monitoring Progress
   Clear, timely, and impactful communication is vital to ensuring the audit’s value is understood and used.
• The updated standards stress the need for follow-up procedures and tracking corrective actions to maintain accountability and drive improvement.

In Summary:
The new Global Internal Audit Standards aim to:

• Raise the bar for audit quality and relevance.
• Promote consistency and comparability across global audit functions.
• Embrace a principles-based approach while maintaining practical guidance.
• Support professional judgment and adaptability in complex, evolving environments.

Presentation link, video link and other useful links

Please see attached presentation here, and the info sharing recording here.

The new Global Internal Audit Standards (2024) focus on Risk Management

Contact us

Cheryl Keller | BarnOwl | cheryl@barnowl.co.za

Anastacia Mabula | Manager : Advocacy and Strategic Communication for the IIA SA | IIASA | anastacia@iiasa.org.za

Thank you

Once again, thank you Anastacia for your time and for your informative presentation and thank you to all those who attended our info sharing session. We look forward to seeing you at our next info sharing session. Please keep a look out for BarnOwl’s upcoming events at:
http://www.barnowl.co.za/events/

Kind regards
Jonathan Crisp
Director – BarnOwl GRC and Audit software

About BarnOwl:

BarnOwl is a fully integrated governance, risk management, compliance and audit software solution used by over 150 organisations locally and internationally. BarnOwl is a locally developed software solution and is the preferred risk management solution for the South African public sector supporting the National Treasury risk framework.
Please see our website for more information.

About the presentation and our guest speaker



Presented by Anastacia Mabula, Institute of Internal Audit SA, Manager: Advocacy and Strategic Communications