The new Global Internal Audit Standards were released on January 9, 2024, and will become effective January 9, 2025. The previous version, the International Standards for the Professional Practice of Internal Auditing, released in 2017, remains approved for use during a one-year transition period. The Global Internal Audit Standards guide the worldwide professional practice of internal audit. They serve as a basis for evaluating and elevating the quality of the internal audit function. The Standards use 15 guiding principles with five separate domains that enable effective internal audit implementation and examples of evidence of conformance. The Global Standards are organized into five domains.
Domain I: Purpose of Internal Auditing
Domain II: Ethics and Professionalism
Domain III: Governing the Internal Audit Function
Domain IV: Managing the Internal Audit Function
Domain V: Performing Internal Audit Service
DESIGNED FOR
All accounting/auditing professionals
BENEFITS
- Identify the impact of recent FASB standard-setting activities on the accounting for digital assets, including cryptocurrency
- Recognize the key accounting requirements introduced by ASU 2023-08 as they apply to common cryptocurrency transactions and balances
- Identify key audit considerations related to cryptocurrency, including risks affecting engagement acceptance, risk assessment, and audit procedures
HIGHLIGHTS
- Accounting and auditing issues related to cryptocurrency
- ASU 2023-08 and related FASB developments
- FASB discussions, Invitation to Comment, and research agenda updates
- Case study application of cryptocurrency accounting guidance
- Accounting for cryptocurrency transactions and balances
- Audit considerations for cryptocurrency engagements
PREREQUISITES
None
ADVANCE PREPARATION
None