Glossary or Dictionary of Terms for the 2024 Global Standards of Internal Auditing

Consistent terminology is essential for the internal auditing profession, ensuring a shared understanding of terms and concepts among internal auditors, as well as audit clients and other participants in corporate governance. The 2024 Global Internal Audit Standard introduce an updated glossary aimed at enhancing clarity and consistency in the profession. This paper analyzes changes in terminology compared to the Glossary of the 2017 International Standards for the Professional Practice of Internal Auditing (Standards), examining the impact of new, removed, and revised terms on internal auditing practices. The research highlights how a common glossary contributes to global standardization, effective implementation of standards, enhancement of professional practice, and the facilitation of training and development for internal auditors. It also emphasizes the importance of consistent terminology in improving reporting, accountability, and compliance with IIA requirements. The paper concludes that the adoption of the updated Glossary from the 2024 Global Standards of Internal Auditing represents a significant step toward further professionalization and enhancement of the auditing profession on a global level.