Global Internal Audit Standards (2024)

The new Global Internal Audit StandardsTM, released January 9, 2024, will become effective January 9, 2025. Internal audit functions may start adopting the Standards now. The Standards are set according to a due process followed by the International Internal Audit Standards Board and overseen by the IPPF Oversight Council.

The 2018 Yellow Book is effective until implementation of the 2024 Yellow Book. The 2024 Yellow Book is effective for financial audits, attestation engagements, and reviews of financial statements for periods beginning on or after December 15, 2025, and for performance audits beginning on or after December 15, 2025. A system of quality management that complies with the Yellow Book is required to be designed and implemented by December 15, 2025, and an audit organization should complete an evaluation of the system of quality management by December 15, 2026. Early implementation of the 2024 Yellow Book is permitted.

Internal control helps an entity run its operations efficiently and effectively, report reliable information about its operations, and comply with applicable laws and regulations.    Standards for Internal Control in the Federal Government, known as the "Green Book," sets the standards for an effective internal control system for federal agencies.