Key to Conformance

Sep 30, 2024

Liz Sandwith, managing partner at Sandwith Internal Audit Services and a former member of The IIA's International Internal Audit Standards Board, discusses key changes in global internal audit standards. She explores how auditors can prepare for compliance by the January 2025 deadline while addressing common challenges. Liz highlights the importance of ethical conformance, effective communication with management, and the evolution of quality assurance programs. Listeners gain practical strategies and a glimpse into the transformative future of internal auditing.

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ADVICE

Performing a Gap Analysis

Start by analyzing your last external quality assessment (EQA) report, focusing on strengths and weaknesses.
Use the IIA's two-way mapping document and conformance readiness assessment to identify gaps and new standards.

INSIGHT

Evidencing Behavioral Standards

Demonstrating conformance with behavioral standards like honesty and professional courage requires different evidence than other standards.
Gather customer feedback on auditor behavior during engagements to demonstrate these qualities.

INSIGHT

The Importance of Purpose

The purpose domain, though lacking specific standards, defines the core identity and value proposition of internal audit.
It emphasizes providing both insight into current operations and foresight into future risks and opportunities.

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All Things Internal Audit: Key to Conformance

The Institute of Internal Auditors Presents: All Things Internal Audit

In this episode, Liz Sandwith, talks with Lauressa Nelson about the changes in The IIA's new Global Internal Audit Standards. They discuss how internal auditors can prepare for these changes, the challenges they may face, and practical strategies to ensure conformance by Jan. 9, 2025.

Guests:

Liz Sandwith, CFIIA, managing partner, Sandwith Internal Audit Services and a former member of the International Internal Audit Standards Board

Host

Lauressa Nelson, senior manager, Professional Standards, The IIA

Key Points:

Introduction to the New Standards (00:00:02 - 00:00:23)
Current State of Readiness (00:00:31 - 00:01:29)
Challenges in Conformance (00:01:29 - 00:02:24)
Strategies for Preparation (00:02:24 - 00:03:37)
Behavioral Standards and Evidence (00:06:03 - 00:07:19)
Purpose and Domain 1 (00:08:30 - 00:10:04)
Governing the Internal Audit Function (Domain 3) (00:11:36 - 00:13:17)
Internal Audit Strategy (Domain 4) (00:17:44 - 00:19:02)
Quality Assurance and Improvement Program (QAIP) (00:25:04 - 00:26:57)
Coordination and Reliance (Domain 5) (00:27:12 - 00:28:41)

The IIA Related Content: Interested in this topic? Find more articles and resources to support internal auditors conforming to the new standards below: Ethically Mastering the Global Internal Audit Standards Navigating the Global Internal Audi Standards

Check out the October issue of Internal Auditor magazine for Liz Sandwith’s article, “Ready to Conform,” packed with practical advice for meeting the new standards by January 2025. Visit The IIA's website or YouTube channel for related topics and more. Resources Mentioned:

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