New global internal audit standards: IASAB plan for UK public sector implementation

On 9 January 2024 new Global Internal Audit Standards were issued, which will become effective from 9 January 2025. They will replace the International Professional Practice Framework, the mandatory elements of which are the basis for the current UK public sector internal auditing standards.

The UK Public Sector Internal Audit Standard Advisory Board (IASAB) issued an update on its progress. This includes details of a review of the new standards that will identify and produce any sector specific interpretations or other material needed to make them suitable for UK public sector use.

Development of the IASAB material will be progressed through consultation with UK practitioners and other stakeholders in UK public sector internal auditing. The IASAB plans to issue consultation material by September 2024, with a consultation period of at least eight weeks.