Beyond Compliance: How the new Institute of Internal Auditors (“IIA”) Standards can transform Internal Audit

The new IIA Global Internal Audit Standards are now in effect; by now, we’ve all heard about what’s changed. But the real question isn’t "What are the new standards?", it’s "How do we make them work for us?" Instead of treating these updates as another compliance exercise, forward-thinking audit teams are using them as a catalyst for transformation. 

This isn’t just about ticking boxes; it’s about elevating internal audit from a regulatory necessity to a true strategic driver. 

From Obligation to Opportunity 

For many organisations, compliance with the new standards may feel like a mandatory update, but what if we shift the perspective? What if these standards are the push internal audit functions need to redefine their role and increase their value within the business? 

Rather than reacting to compliance requirements, top-performing audit teams are: 

• Enhancing audit strategy - moving from a process-driven approach to a value-driven one. 

• Leveraging technology - using data analytics and automation to provide real-time insights. 

• Building trust and influence - positioning internal audit as a proactive business partner. 

• Embedding continuous improvement - treating this as an ongoing evolution, not a one-time adjustment. 

Organisations that take this approach will not only comply but thrive, proving that internal audit is more than a watchdog, it’s a driver of risk intelligence and business resilience. 

What’s Next?  

Now that the new standards are in effect and audit processes have been updated, what’s next? Here are three key actions that will separate the innovators from the followers: 

1. Shift Internal Audit’s narrative and tell a better story 

Audit reports often focus on what went wrong, but the new standards emphasize clear conclusions, actionable recommendations, and strategic insights. This is the moment to reinvent audit reporting by: 

• Moving from dry compliance reports to engaging, insight-driven communications. 

• Using data visualisation to highlight risk trends and business impact. 

• Ensuring audit results drive action and influence decision-making, rather than just documenting findings. 

Big question: How can we turn audit findings into compelling business intelligence? 

2. Rethink risk management and make it dynamic 

The old-school approach to risk was periodic and checklist-based, but businesses now face risks that evolve in real-time. Organisations can now turn the new standards into a competitive advantage by: 

• Integrating continuous risk monitoring and predictive analytics into audits. 

• Expanding audit’s role beyond financial controls to ESG, cybersecurity, and AI risk governance. 

• Creating agile audit teams that respond to emerging risks with real-time assurance. 

Big question: How can we move beyond traditional risk assessments and anticipate threats before they happen? 

3. Strengthen Internal Audit’s influence and become a trusted advisor 

The 2025 standards demand stronger governance and independence, but compliance alone won’t elevate the internal audit’s status. The goal should be to position internal audit as a strategic partner, not just a gatekeeper. To do this, audit teams must: 

• Work closely with leadership to embed risk thinking into business strategy. 

• Focus on risk-driven decision support, not just compliance reviews. 

• Invest in upskilling auditors in business acumen, storytelling, and strategic advisory skills. 

Big question: How do we evolve from auditors to business enablers? 

Raising the bar for Internal Audit 

Yes, we all need to comply with the new standards, but compliance is just the starting point. The real win is using these standards to push internal audit into a more strategic, tech-enabled, and forward-looking role. 

At the end of the day, the question isn’t just “Are we compliant?”, it’s “Are we making internal audit stronger, more agile, and more valuable than ever before?”