On January 1, 2009, The Institute of Internal Auditors (IIA), the leading standard- and guidance-setting body for the global internal audit profession, formally released its revised International Professional Practices Framework, which includes revisions to the organization’s International Standards for the Professional Practice of Internal Auditing. Key changes to the Standards include the following:

1. Six new Standards have been added.
2. In virtually all of the Standards, The IIA has revised its wording, replacing “should” with “must.”
3. Additional requirements have been added to existing Standards.
4. Interpretations have been added, incorporating components that previously were part of The IIA’s practice advisories.

With the change from “should” to “must” in most of the Standards and the addition of six new Standards, internal audit functions must take action to achieve or remain in compliance. For some, only minimal adjustments may be necessary. For others, however, there may be a need for substantial changes to their internal audit plans and structures.

In this white paper, we provide a summary of the new and revised Standards, focusing on key areas that we believe will have the most significant impact on internal audit functions based on our knowledge and experience gained from working with organizations around the globe. 

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