Workiva Inc., a provider of assured integrated reporting, has added the Global Internal Audit Standards to the Workiva platform, making it the first SaaS company to incorporate the newest standards into its suite of GRC (governance, risk, and compliance) solutions. Released by the Institute of Internal Auditors (The IIA), the Global Internal Audit Standards are designed to equip internal audit professionals to respond to emerging business challenges and engage with board members and executives as strategic partners for their organizations.
“Managing standards has historically been a complex undertaking, resulting in limited confidence for teams focussed on adhering to IIA standards and impeding the ability of internal auditors to prioritize more critical tasks. Our customers can now leverage IIA standards directly within the Workiva platform, streamlining their adoption while replacing disparate tracking systems and outdated spreadsheets with one single source of truth and automated reports,” said Nitin Bhat, Chief Product Officer, Workiva. “As the first to add the new Global Internal Audit Standards to our audit management solution, Workiva is once again leading the way in audit, risk, and corporate reporting and empowering our customers to excel amid increasingly complex, rapidly changing conditions.”
The addition of The IIA’s Global Internal Audit Standards follows similar innovative investments in the Workiva platform, including the integration of CDP questionnaires, features leveraging generative AI, and most recently, the launch of Workiva Carbon, a new solution that enables reporting teams to calculate their carbon footprints, set science-based targets, and simplify climate disclosures.
The new Global Internal Audit Standards represent a comprehensive update to Standards last issued in 2017 and provide a structured framework for assessing risks related to governance, operations, and information systems and aligning strategic priorities with board members and executive leadership. Notable changes to the Standards include new guidance on critical areas like cybersecurity and sustainability and a more flexible framework adaptable for auditors around the world. Though the new Standards become effective in January 2025, internal auditors are encouraged to begin planning their adoption now.
“On behalf of The IIA, we are thrilled to see Workiva incorporate the new Global Internal Audit Standards into their suite of GRC solutions. This integration represents a significant step forward for internal audit professionals worldwide, enabling them to streamline their processes and enhance their strategic value within their organizations,” said Anthony Pugliese, CIA, CPA, CGMA, CITP, President and CEO of The Institute of Internal Auditors. “Workiva’s commitment to leveraging the new standards reflects a shared vision of empowering auditors to meet emerging business challenges with confidence and precision. We are excited about this example of innovation and what it presents for driving excellence in governance, risk, and compliance across the globe.”
By working within the Workiva platform, customers can adopt and track conformance with the Global Internal Audit Standards in the same secure workspace where they gather evidence, assess risk, and develop reports. Additionally, internal auditors will be able to share real-time updates with team members and business leaders and automate portions of their documentation processes, significantly reducing time spent on audits, internal Quality Assurance and Improvement Program (QAIP) assessments, and Quality Assurance Reviews (QARs).
The addition of the new standards to the Workiva platform builds on the company’s long-standing relationship with The IIA. In addition to being a Principal Partner, Workiva was named The IIA’s first ESG Alliance Partner in 2023 and invited to lead the keynote session at the professional association’s Sustainability Audit Risk Assurance Virtual Conference in June. Workiva will once again join thousands of internal audit professionals at The IIA’s annual International Conference in Washington, D.C. from July 15-17, 2024. Workiva speakers will be featured in a panel session called “Powering Your Sustainability Journey with AI” and two roundtable discussions exploring “The Intersection of ESG and GRC” and available to connect with attendees at booth 513 and 514.
Learn more about The IIA’s new Global Internal Audit Standards and their place within the Workiva platform on the Workiva blog.
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Tags: Accounting, Audit Standards, Auditing
