Internal Audit Profession is fast evolving and transforming itself to meet the business objectives of Boards and executive management. To keep pace with changing times, internal auditing standards are changing. Global Internal Audit Standards 2023 (Draft for Public Comment) released by IIA provide requirements and recommendations to guide the IA profession in implementing quality internal auditing globally.
The new standards prescribe that to make Internal Auditing most effective the internal audit function is independently positioned with direct accountability to the Board.
Sharing a brief comparative summary of the Global IA Standards 2023 (Draft) issued by IIA and ICAI Standards on Internal Audit (SIAs).
