Global Internal Audit Standards (GIAS) Domain V – Part 1

This segment is dedicated to Domain V, Principle 13 and the Standards related to Performing Internal Audit Services.

Performing IA services requires:

• Effective planning.
• Executing the engagement in a manner to develop findings and conclusions.
• Collaborate with management to identify recommendations and/or action plans for findings.
• Communicate throughout the engagement with the employees responsible for the activity under review.

Internal audit services involve providing assurance, advice or both. Internal Auditors are expected to apply and conform with the Standards when performing engagements whether they are providing assurance advice (except when otherwise indicated in individual standards). Assurance services are designed to provide confidence about GRC/control processes. Through assurance services, auditors provide objective evaluation criteria.

The Standards within Principle 13 that are discussed in this segment include:

• Standard 13.1 Engagement Communications
• Standard 13.2 Engagement Risk Assessment
• Standard 13.4 Evaluation Criteria
• Standard 13.5 Engagement Resources
• Standard 13.6 Work Program

The new Standards emphasize that quality performance requires conformance to the Standards. Each standard within Domain III specifically identifies the responsibilities of the CAE and the board, as well as joint responsibilities.

The new Global Internal Audit Standards were released on January 9, 2024, and will become effective January 9, 2025. The previous version, the International Standards for the Professional Practice of Internal Auditing, released in 2017, remains approved for use during a one-year transition period. The Global Internal Audit Standards guide the worldwide professional practice of internal audit. They serve as a basis for evaluating and elevating the quality of the internal audit function. The Standards use 15 guiding principles with five separate Domains that enable effective internal audit implementation and examples of evidence of conformance.

The Global Standards are organized into five domains.

• Domain I: Purpose of Internal Auditing
• Doman II: Ethics and Professionalism
• Domain III: Governing the Internal Audit Function
• Domain IV: Managing the Internal Audit Function
• Domain V: Performing Internal Audit Service