New UK Application Note replaces UK PSIAS from 1 April 2025
The Application Note: Global Internal Audit Standards in the UK Public Sector has been issued by the Relevant Internal Audit Standard Setters (RIASS), who between them have authority for determining standards to be applied in the various parts of the UK public sector. Taken together, the Global Internal Audit Standards and the Application Note will form the basis of UK public sector internal audit effective from 1 April 2025. The effective date aligns the new standards with requirements for annual opinions and other relevant aspects of UK public sector governance which align with the financial year. Until 1 April 2025, the existing PSIAS based on the old International Professional Practices Framework will continue to apply.
The Application Note will be periodically reviewed by the UK Public Sector Internal Audit Standards Advisory Board (IASAB), having regard to any developments in the Global Internal Audit Standards and related material. The Board will for example consider on a case by case basis whether any Topical Requirements issued by the Institute of Internal Auditors should be mandated in the UK public sector.
Simon Edge, Chair of IASAB said:
As Chair of the UK Public Sector Internal Audit Standards Advisory Board (IASAB), I am delighted to announce the publication of the new UK Application Note developed by the IASAB and adopted by the RIASS.
The Institute of Internal Auditors’ improvements to the content and format of the new Global Standards has enabled the IASAB to develop the new Application Note approach rather than recreate another version of PSIAS. I am grateful to IASAB, which includes members from each of the RIASS and other stakeholders in UK public sector internal audit for their energy, commitment and expertise in agreeing the new Application Note approach and content. I am similarly grateful to those who responded to the IASAB’s public consultation, whose comments have informed the final document.
As successor to the PSIAS, the Application Note will allow internal audit functions to continue to demonstrate conformance with well understood professional standards, while also having regard to the specific circumstances of the UK public sector.