Workiva Integrates Global Internal Audit Standards into Its GRC Solutions, Enhancing Strategic Partnership and Efficiency

Workiva Inc. Revolutionizes GRC Solutions by Integrating Global Internal Audit Standards

In a groundbreaking move, Workiva Inc., a leading provider of assured integrated reporting solutions, has announced the incorporation of the Global Internal Audit Standards into its platform, marking a significant milestone as the first SaaS company to achieve this integration. This innovative step, leveraging the latest standards released by the Institute of Internal Auditors (The IIA), is set to redefine the landscape of governance, risk, and compliance (GRC) by providing internal audit professionals with the tools needed to tackle emerging business challenges and foster strategic partnerships within their organizations.

Nitin Bhat, Chief Product Officer at Workiva, highlighted the transformative impact of this integration, stating, "Our customers can now leverage IIA standards directly within the Workiva platform, streamlining their adoption and enhancing confidence among teams focused on adhering to these standards." This integration not only simplifies the complex process of managing standards but also enables internal auditors to focus on critical tasks by replacing outdated spreadsheets and disparate tracking systems with a unified source of truth and automated reports.

The addition of The IIA’s Global Internal Audit Standards is part of Workiva’s continued investment in innovation, following the integration of CDP questionnaires, the incorporation of generative AI features, and the launch of Workiva Carbon. These advancements collectively empower reporting teams to navigate the complexities of modern corporate reporting, including calculating carbon footprints and simplifying climate disclosures.

The updated Global Internal Audit Standards, which last saw a revision in 2017, introduce a structured framework for assessing risks related to governance, operations, and information systems. They also align strategic priorities with board members and executive leadership, incorporating new guidance on critical areas such as cybersecurity and sustainability. With these standards set to become effective in January 2025, internal auditors are encouraged to begin planning their adoption now to stay ahead.

Anthony Pugliese, President and CEO of The Institute of Internal Auditors, expressed enthusiasm over Workiva’s initiative, stating, "This integration represents a significant step forward for internal audit professionals worldwide." He praised Workiva’s commitment to leveraging the new standards, underscoring the shared vision of empowering auditors to meet emerging business challenges with confidence and precision.

Workiva’s platform enables customers to adopt and track conformance with the Global Internal Audit Standards within a secure workspace, facilitating real-time updates, evidence gathering, risk assessment, and report development. This integration significantly reduces the time spent on audits, internal Quality Assurance and Improvement Program (QAIP) assessments, and Quality Assurance Reviews (QARs).

Building on its long-standing relationship with The IIA, Workiva continues to lead in the field of GRC. As The IIA’s first ESG Alliance Partner in 2023, Workiva is set to engage with thousands of internal audit professionals at The IIA’s annual International Conference in Washington, D.C., in July 2024, further demonstrating its leadership in driving excellence in governance, risk, and compliance worldwide.

For more insights into the integration of The IIA’s new Global Internal Audit Standards within the Workiva platform, visit the Workiva blog.

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