What is the purpose of the new Global Internal Audit Standards?

The purpose of the new Global Internal Audit Standards is indeed to enhance the framework for performing and promoting internal auditing. These standards are designed to establish a consistent and high-quality approach to internal auditing, thereby strengthening the overall effectiveness and credibility of the internal audit function within organizations.

By providing a structured framework, the standards help auditors ensure that their work is thorough, objective, and aligned with best practices. They facilitate a clear understanding of the roles and responsibilities of internal auditors, as well as the expectations from stakeholders. This ultimately contributes to improved governance, risk management, and control processes within the organizations that undertake internal audits.

The other options do not align with the primary intentions of the Global Internal Audit Standards. Rather than providing criteria for external audits, these standards specifically focus on internal auditing. They do not aim to restrict practices to specific domains; instead, they promote a unified approach that can be applied broadly across various sectors. Lastly, the standards advocate for more structured and formal auditing practices, contradicting the idea of promoting less formal methodologies.