AuditBoard Introduces New Feature for Easy Adoption of Updated IIA Global Internal Audit Standards

AuditBoard Unveils Innovative Feature to Align with New Global Internal Audit Standards

In a significant development for the internal audit community, AuditBoard, a leading audit and risk platform, has announced the launch of a groundbreaking feature designed to streamline the adoption of the newly revised Global Internal Audit Standards issued by the Institute of Internal Auditors (IIA). Set to take effect on January 9, 2025, these standards are a result of the IIA’s comprehensive IPPF Evolution project, aimed at enhancing the flexibility and responsiveness of audit practices worldwide.

The IIA’s initiative to update its standards came after a meticulous six-month review, which included a public comment process and a thorough revision of the draft standards. This update is part of the broader IPPF Evolution project, a multiyear effort to ensure that the International Professional Practices Framework meets the evolving needs of the audit profession amidst today’s complex and rapidly changing business landscapes.

Key enhancements from the IPPF Evolution project include bolstering governance frameworks to better adapt to fast-paced business changes, providing specific guidance for internal auditors in the public sector and small audit functions, introducing a more adaptable framework for global challenges, and offering detailed guidance on critical areas such as cybersecurity.

AuditBoard’s latest solution simplifies the IIA standards into an easy-to-use checklist and summary report format, significantly easing the gap assessment process for internal audit teams. This innovative feature, now available in the Audit Management Solution, allows for seamless internal gap assessments and collaborative management of the necessary steps to address and resolve any identified discrepancies. It eliminates the need for cumbersome spreadsheets, third-party tools, or manual tracking, thereby enhancing the efficiency and effectiveness of audit processes.

The new self-assessment tool not only facilitates a smoother transition to the updated standards but also provides a comprehensive overview of an organization’s audit function health. It includes a specific assessment for cybersecurity audits, in line with the IIA’s Topical requirements, to evaluate the design and implementation of cybersecurity governance, risk management, and control processes.

Sarika Khanna, Chief Product Officer at AuditBoard, emphasized the importance of this development, stating, "To ensure the quality and effectiveness of their work, internal audit teams need to be able to quickly and easily track their adoption of The IIA’s updated Global Internal Audit Standards. The new self-assessment tools allow audit teams to maintain focus on their critical work while making sure their audit processes are aligned with these new guidelines, all without sacrificing efficiency."

This announcement marks a significant milestone in the field of internal auditing, offering a practical solution for audit teams worldwide to navigate the complexities of modern audit environments while adhering to the highest standards of the profession.