The new Global Internal Audit Standards: five domains, fifteen principles and what they mean.
The proposed Global Internal Audit Standards introduce five logical domains to guide the practice of internal auditing. These domains comprise fifteen principles, with underlying requirements (“must do”) and considerations (“should do”). ONE Risk Advisory contributed to the development of these new Standards and sees them as a strong next step to add further value to the internal audit profession. What stands out to us: better-developed governance around the internal audit function with more attention to the role of the supervisory board; more emphasis on ethics; the need for a clear vision and strategy for the function; and stricter requirements, including formal documentation. Contact us if you have questions about the implications for you, your internal audit function or your organisation.
