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Founded in 1941, IIA serves as the globally recognized authority for the Internal Audit profession. In 2024, IIA issued a comprehensive update to the Standards, which became effective in January 2025. 

The revised Standards emphasize stronger governance, continuous quality improvement, and the strategic value Internal Audit can provide to organizations. 

The revised Standards are organized into five domains:

• Purpose of Internal Auditing – Defines the role and value Internal Audit provides to an organization.
• Ethics and Professionalism – Establishes the principles that support integrity, objectivity, competency, due professional care, and confidentiality.
• Governing the Internal Audit Function – Defines the responsibilities of organizational leadership and oversight bodies in establishing and supporting an independent and effective Internal Audit function.
• Managing the Internal Audit Function – Focuses on strategic planning, resource management, communication, and quality improvement.
• Performing Internal Audit Services – Establishes expectations for planning, performing, communicating, and monitoring audit engagements.

The Standards also include “Applying the Global Internal Audit Standards in the Public Sector,” which highlights considerations unique to government organizations, including public accountability, legal and regulatory requirements, and governance structures. This section helps public sector Internal Audit functions apply the Standards effectively within their unique operating environments.

In addition to issuing the Standards, IIA offers additional resources to help organizations implement the Standards and continuously improve their Internal Audit programs. Agencies may find the following resources particularly valuable:

• Public Sector Knowledge Center - Provides practical recommendations and examples to help Internal Audit functions apply the Standards consistently and effectively.
• Resources by Topic - Organizes articles, guidance, and other resources by subject area, making it easy to explore topics such as internal controls, fraud, cybersecurity, artificial intelligence, and other emerging issues.
• IIA North Jersey and IIA Central Jersey Local Chapters - Provide networking opportunities, continuing professional education, and programs that help Internal Audit staff stay current on emerging risks, leading practices, and changes affecting the profession.

Agencies can take several practical steps to strengthen their Internal Audit functions:

• Review the Standards to understand expectations for an effective, independent, and well-governed Internal Audit function.
• Conduct a gap assessment to identify opportunities to align current practices with the Standards.
• Leverage IIA guidance, educational resources, and local chapter programs to support continuous improvement and professional development.

By using the Standards together with IIA’s guidance and educational resources, agencies can build and maintain Internal Audit functions that deliver greater value, strengthen governance, and support organizational objectives.

With so many resources available through IIA, it can be difficult to know where to begin—but there is no need to tackle everything at once. Depending on your organization’s needs, you might begin by comparing your Internal Audit charter to the Standards to identify opportunities for enhancement. Once you have updated your charter, you could connect with your local IIA chapter to exchange ideas with experienced practitioners, seek feedback, and further strengthen your draft. As your Internal Audit function evolves, you may find additional value in IIA’s guidance, tools, and training resources, using them as needed to support your organization’s Internal Audit efforts.

For additional information about the Global Internal Audit Standards and other professional resources, visit the Institute of Internal Auditors.

To learn more or to discuss your organization’s approach, contact the New Jersey Office of the State Comptroller’s External Audit Coordination and Oversight (EACO) Unit at EACO@osc.nj.gov.