Standards are principle-focused and provide a framework for performing and promoting internal auditing. The Standards are mandatory requirements consisting of:
It is necessary to consider both the statements and their interpretations to understand and apply the Standards correctly. The Standards employ terms that have been given specific meanings as noted in the Glossary, which is also part of the Standards.
The International Internal Audit Standards Board (IIASB) released the revision to the Standards following consideration and approval by the International Professional Practice Framework Oversight Council (IPPFOC).