Global Internal Audit Standards (GIAS) Domain V – Part 2

This segment is dedicated to Domain V, Principle 14 & 15 and the Standards related to Performing Internal Audit Services.

Principle 14 deals with conducting engagement work. There are six related standards within this principle that include:

• Gathering information for analysis and evaluation
• Analysis and potential engagement findings
• Evaluation of findings
• Recommendations and action plans
• Engagement conclusions
• Engagement documentation

Principle 15 deals with Communicating engagement results and monitoring action plans. It includes two separate standards:

• Final engagement communication
• Conforming the implementation of recommendations or actions

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 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