The IPPF: The Framework for Internal Audit Effectiveness

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New Global Internal Audit Standards: 9 January 2024

The new Global Internal Audit Standards were unveiled on 9 January 2024, and are set to be enforced from January 9, 2025. To learn more about the launch, refer to the PRESS RELEASE.

During a one-year transition phase, the previous iteration, the International Standards for the Professional Practice of Internal Auditing, released in 2017, remains sanctioned for use.

These Standards steer the global professional practice of internal auditing, adhering to principles and serving as a benchmark for assessing and enhancing the quality of internal audit functions. Central to the Standards are 15 guiding principles, facilitating effective internal auditing. Each principle is reinforced by standards encompassing requirements, implementation considerations, and illustrative evidence of compliance. Collectively, these components aid internal auditors in upholding the principles and realizing the Purpose of Internal Auditing.

To access a copy of the new Global Internal Audit Standards here.

The introduction of the new Standards marks the culmination of a multiyear endeavor during which the International Internal Audit Standards Board conducted research and solicited input from stakeholders and practitioners worldwide. You can explore further insights by reading the "Report on the Standard-setting and Public Comment Processes for the Global Internal Audit Standards."

View the "Condensed" rendition of the Standards here for practitioners seeking solely mandatory guidance, omitting the recommended guidance on considerations for implementation and examples of evidence of conformance sections.

Topical Requirements, a recent addition to the IPPF, will soon be accessible and will complement the Global Internal Audit Standards.

Resources available

- Mapping of the 2017 Standards to the 2024 Standards

- Additional resources available in the Standards Knowledge Center

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What are the Global Standards for Professional Internal Audit Practice

The Standards emphasize principles and establish a structure for conducting and advancing internal auditing.

These Standards comprise obligatory stipulations, encompassing:

• Statements of basic requirements for the professional practice of internal auditing and for evaluating the effectiveness of its performance. The requirements are internationally applicable at organizational and individual levels.
• Interpretations, which clarify terms or concepts within the statements.
• Glossary terms.

It is necessary to consider both the statements and their interpretations to understand and apply the Standards correctly. The Standards employ terms that have been given specific meanings as noted in the Glossary, which is also part of the Standards.

View the 2017 Standards Online

The latest edition of the International Professional Practices Framework (IPPF) guide, more commonly known as the Red Book, is available. Visit the IIA Bookstore for more information or view the IIA International Standards for Professional Internal Audit Practice.

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Exploring the International Professional Practices Framework (IPPF): Understanding the Building Blocks

The International Professional Practices Framework (IPPF)® is the conceptual framework that organizes authoritative guidance promulgated by The Institute of Internal Auditors. A trustworthy, global, guidance-setting body, The IIA provides internal audit professionals worldwide with authoritative guidance organized in the IPPF as mandatory guidance and ​recommended guidance.

Conformance with the principles set forth in mandatory guidance is required and essential for the professional practice of internal auditing. Mandatory guidance is developed following an established due diligence process, which includes a period of public exposure for stakeholder input. 

The mandatory elements of the IPPF are:

1. Core Principles for the Professional Practice of Internal Auditing
2. Definition of Internal Auditing
3. Code of Ethics
4. International Standards for Professional Practice of Internal Auditing (Standards)

To further bolster excellence, IIA Global issues publications of best practices and advisory guidance documents, comprising:

1. Position Papers
2. Practice Advisories
3. Practice Guides

With over 230,000 internal auditors operating within this framework, these standards have a universal reach. For in-depth insights into the framework, standards, and guidance, navigate to the IIA Global website.

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Embracing Ethical Excellence: IIA Code of Ethics

At the heart of the International Professional Practices Framework (IPPF), the IIA Code of Ethics is a pivotal source of authoritative guidance for the internal audit profession.

This Code delineates the principles and expectations governing the behaviour of both individuals and organizations engaged in the realm of internal auditing. Rather than prescribing specific actions, it establishes the foundational benchmarks for conduct and behavioural norms. These Core Principles collectively define the tangible effectiveness of internal audit endeavours. When all Principles seamlessly coexist and operate harmoniously, the internal audit function attains its maximum efficiency.

While the approach to these Core Principles may slightly differ among internal auditors and organizations, the undeniable truth remains that any failure to achieve these Principles signifies an internal audit activity operating below its full potential.

The Code's Core Principles:

1. Integrity
2. Objectivity
3. Confidentiality
4. Competency

The Core Principles encompass:

1. Demonstrates integrity.
2. Demonstrates competence and due professional care.
3. Is objective and free from undue influence (independent).
4. Aligns with the strategies, objectives, and risks of the organization.
5. Is appropriately positioned and adequately resourced.
6. Demonstrates quality and continuous improvement.
7. Communicates effectively.
8. Provides risk-based assurance.
9. Is insightful, proactive, and future-focused.
10. Promotes organizational improvement.

These Principles collectively form the bedrock of ethical and impactful internal audit practice.

Integrity lays the foundation for trust, objectivity underscores unbiased evaluation, confidentiality respects information ownership, and competency drives skilled performance.

For any enquiries regarding these standards, please direct your questions to guidance@theiia.org.

Updated on 04 September 2024