Requirement Details
The implementation of the Global Internal Audit Standards 2024 requires a structured approach following five key steps. First, conduct a comprehensive gap analysis to assess current conformance with the new standards versus the 2017 IPPF. Second, engage stakeholders including the Board/Audit Committee to communicate changes and secure support. Third, develop detailed action plans with priorities, timelines, and resource requirements. Fourth, update all policies, procedures, charters, and documentation to align with new requirements. Fifth, perform a readiness assessment before the effective date to ensure full compliance. Organizations must pay special attention to new mandatory components including Topical Requirements, performance measurement methodologies, and digital strategy requirements. The transition period allowed continued use of 2017 Standards until January 9, 2025.