After more than 40 years of construction and development, China's internal audit has become an important auditing and supervisory force of the Party and the State. However, the high-quality development of internal audit in China is still facing practical challenges, such as the failure to implement the internal audit work under the leadership of the Party, the failure to expand the functional role of internal audit, the failure to give full play to the role of internal audit in the audit supervision system, the backward internal audit technology, the low quality of internal audit personnel, and the lack of an independent knowledge system of internal audit. In the face of challenges, we should implement the spirit of the Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Promoting Chinese-style Modernization, and take General Secretary Xi Jinping's important expositions on auditing as a guide to further deepen reform and promote the improvement and development of China's internal audit system. Measures should be taken to strengthen the party's overall leadership of internal audit work, implement follow-up audits for major decision-making deployments, give full play to the synergistic role of internal auditing, apply digital and intelligent auditing technology, do a good job in internal audit rectification, build a high-quality internal audit talent team, and build an independent knowledge system of internal auditing.