2024 Global Internal Audit Standards Webinar: Understanding the New Requirements and Changes

The 2024 Global Internal Audit Standards Webinar presented by KPMG Ireland’s Internal Audit team provides a practical introduction to the latest requirements shaping the internal audit profession. The webinar focuses on the updated Global Internal Audit Standards and explains how they differ from the 2017 International Standards for the Professional Practice of Internal Auditing.

Internal auditing continues to play an important role in helping organizations understand and manage risks, strengthen governance, improve internal controls, and support effective decision-making. As business environments become more complex due to technology, regulatory developments, cybersecurity risks, and changing stakeholder expectations, internal audit functions must also evolve.

The 2024 Standards provide an updated framework for professional internal auditing and place greater emphasis on areas such as governance, risk assessment, strategic planning, communication, quality, and the overall effectiveness of the internal audit function.

This webinar is designed to help internal auditors, audit managers, compliance professionals, risk specialists, and other interested learners understand the key changes and consider how the updated standards can be applied in real organizational environments.

What Are the 2024 Global Internal Audit Standards?

The 2024 Global Internal Audit Standards establish an updated professional framework for internal auditing. They are designed to help internal audit functions operate consistently, professionally, and effectively while creating value for their organizations.

Internal auditing is much more than simply checking whether employees follow policies. A modern internal audit function evaluates whether organizational processes, controls, governance structures, and risk management practices are operating effectively.

The updated standards provide guidance that can help internal auditors perform their responsibilities in a structured and professional manner.

They also reflect the changing role of internal audit within modern organizations. Auditors are increasingly expected to understand strategic risks, technology, cybersecurity, operational challenges, regulatory requirements, and emerging threats.

The 2024 framework therefore provides an important reference point for organizations seeking to maintain strong internal audit practices and align their audit activities with internationally recognized professional expectations.

For professionals working in internal audit, understanding the new standards is essential because they can influence how audit functions are structured, how engagements are planned, how risks are assessed, and how audit results are communicated.

Why the 2024 Standards Matter for Internal Auditing

The internal audit profession has changed significantly as organizations have become more dependent on technology, data, digital systems, and complex business processes.

Traditional audit approaches may not always be sufficient to address modern risks. Organizations need internal auditors who can evaluate not only financial and operational controls but also technology risks, governance practices, compliance requirements, and strategic challenges.

The 2024 Global Internal Audit Standards help support this broader role.

One of the most important objectives of professional internal auditing is to provide independent and objective assurance and advisory insight. This allows management and governance bodies to gain a better understanding of whether major risks are being identified and managed appropriately.

The standards can also help organizations create a more consistent approach to internal audit activities. When audit professionals work according to a recognized professional framework, organizations can establish clearer expectations regarding audit quality, planning, execution, communication, and improvement.

For internal auditors, learning the updated standards can therefore strengthen professional knowledge and help them adapt to the evolving expectations of the profession.

Key Differences Between the 2024 and 2017 Internal Audit Standards

One of the central topics addressed in the webinar is the difference between the 2024 Global Internal Audit Standards and the previous 2017 International Standards for the Professional Practice of Internal Auditing.

The updated framework reflects the continued development of internal auditing and introduces changes intended to make the professional standards more relevant to modern organizations.

The differences can affect multiple aspects of the internal audit function, including governance, risk assessment, audit planning, engagement processes, communication, quality assurance, and the responsibilities of internal audit leaders.

Rather than viewing the updated standards as simply a technical replacement for the previous framework, professionals can understand them as part of the broader evolution of internal auditing.

The modern internal auditor is expected to contribute meaningful insights while maintaining appropriate independence and objectivity. This requires a strong understanding of organizational risks and a clear connection between audit activities and the organization's objectives.

The webinar helps participants understand these changes and consider what they mean in practical audit environments.

Governance and the Role of Internal Audit

Governance is a fundamental component of effective internal auditing. Strong governance helps organizations establish accountability, define responsibilities, make informed decisions, and maintain appropriate oversight.

The 2024 Standards place important attention on the relationship between internal audit, organizational leadership, and governance structures.

Internal auditors need to understand how governance operates within an organization and how audit activities can provide useful assurance to those responsible for oversight.

This includes understanding the roles of senior management, boards, audit committees, and other relevant stakeholders.

A well-functioning internal audit department should be positioned in a way that allows it to maintain appropriate independence while still communicating effectively with management.

For example, internal auditors may identify weaknesses in risk management or internal controls. Their responsibility is not necessarily to manage those risks directly but to provide objective observations and recommendations that enable responsible decision-makers to respond appropriately.

Understanding governance therefore allows auditors to perform their roles more effectively while maintaining professional boundaries.

Risk Assessment and Internal Audit Planning

Risk assessment is one of the most important activities within an internal audit function. Organizations face numerous risks, but internal audit resources are usually limited. As a result, audit teams need a structured way to determine which areas deserve the greatest attention.

The updated standards provide an important framework for considering how risk should influence internal audit planning.

A risk-based approach allows auditors to focus on areas where weaknesses could have significant consequences for organizational objectives.

Risk assessment may consider financial risks, operational risks, compliance risks, technology risks, cybersecurity threats, strategic risks, and other factors relevant to the organization.

Internal audit planning should therefore not be completely static. Changes in the organization's environment may introduce new risks that require additional attention.

For example, the introduction of a new technology platform, a major organizational change, regulatory developments, or significant cybersecurity concerns may affect the organization's risk profile.

By understanding risk assessment and planning principles, internal auditors can develop audit plans that are more closely aligned with organizational priorities.

Audit Engagements, Reporting, and Communication

Effective auditing does not end when auditors identify a control weakness or risk. The results must be communicated clearly to the people responsible for understanding and addressing the issue.

Audit reporting is therefore a major part of professional internal auditing.

A strong audit report should communicate relevant findings in a clear, accurate, and useful manner. It should help stakeholders understand what was identified, why it matters, and what actions may be appropriate.

The 2024 Standards provide updated expectations that can influence how internal audit professionals approach communication and reporting.

Communication should also be appropriate for different audiences. Senior executives, audit committees, operational managers, and other stakeholders may require different levels of information.

Internal auditors therefore need both technical auditing knowledge and strong communication skills.

Clear reporting can increase the value of internal audit because it transforms audit observations into information that management can use to improve processes, strengthen controls, and manage risks more effectively.

Quality Assurance and Continuous Improvement in Internal Audit

Quality assurance is essential for maintaining a professional and effective internal audit function.

Internal audit teams should not only evaluate the organizations they audit; they should also consider whether their own processes are effective, consistent, and aligned with professional requirements.

The updated standards place significant importance on maintaining quality and continuously improving the internal audit function.

Quality assurance activities can help identify opportunities to improve audit planning, engagement execution, documentation, reporting, communication, and overall performance.

Continuous improvement is particularly important because organizational risks and business environments change over time.

For example, an internal audit function that previously focused primarily on financial and operational controls may need to strengthen its capabilities in cybersecurity, data analytics, technology risks, artificial intelligence, or regulatory compliance.

A culture of continuous improvement allows audit teams to adapt to these changes instead of relying on outdated approaches.

Quality assurance therefore becomes an ongoing professional responsibility rather than a one-time assessment.

Practical Implementation of the 2024 Standards

Understanding the standards theoretically is useful, but internal audit professionals also need to know how to apply them in actual organizations.

Implementation may require internal audit teams to review their existing methodologies and compare them with the updated expectations.

Organizations may need to assess areas such as audit charters, governance arrangements, risk assessment methodologies, audit planning processes, engagement documentation, reporting procedures, performance measurement, and quality assurance programs.

This process can help identify gaps between current practices and the updated professional requirements.

Implementation should also take organizational context into account. Different organizations have different sizes, structures, industries, regulatory environments, risk profiles, and levels of internal audit maturity.

A large multinational organization may have a highly developed internal audit department, while a smaller organization may operate with a more limited team.

The key objective is to understand the requirements and integrate them into practical processes that support professional and effective internal auditing.

The webinar's practical perspective can therefore help participants move from simply knowing about the 2024 Standards to thinking about how they can be applied within their own audit environments.

Benefits of Learning the 2024 Global Internal Audit Standards

Learning the updated standards can provide significant professional value for people working in internal audit, risk management, governance, and compliance.

For internal auditors, the knowledge can help improve understanding of professional responsibilities and current expectations. It can also support more effective audit planning, risk assessment, engagement execution, reporting, and quality management.

For audit managers and internal audit leaders, understanding the standards can support the development of stronger audit functions and more effective relationships with senior management and governance bodies.

Compliance professionals and risk specialists can also benefit because internal audit interacts closely with risk management, internal controls, regulatory requirements, and organizational governance.

The knowledge can also support career development. Professionals who understand current internal audit standards are better positioned to participate in audit transformation initiatives and help organizations adapt their internal audit practices to changing expectations.

The webinar is therefore relevant not only to experienced auditors but also to learners who are beginning to explore internal auditing as a professional field.

Who Should Attend the 2024 Global Internal Audit Standards Webinar?

The webinar is suitable for a broad range of professionals interested in internal auditing, governance, risk, and compliance.

Internal auditors can use the content to strengthen their understanding of the updated professional framework and identify areas where their current practices may need to evolve.

Internal audit managers and directors can benefit from the discussion when evaluating the impact of the new standards on audit strategy, planning, quality assurance, and team performance.

Compliance professionals can gain a stronger understanding of how internal audit contributes to organizational governance and control.

Risk management professionals can also benefit from understanding how risk assessment influences internal audit priorities and activities.

The webinar is equally valuable for students, professionals transitioning into internal audit, and anyone interested in learning how modern organizations structure their assurance and governance activities.

By studying the 2024 Global Internal Audit Standards, learners can develop a stronger understanding of modern internal auditing, including governance, risk-based planning, professional reporting, quality assurance, and continuous improvement.

The knowledge gained can help professionals approach internal audit with a more current, structured, and value-focused perspective while supporting alignment with internationally recognized professional practices.