Global Internal Audit Standards (GIAS) Domain III - Part 1

Overview

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
• Domain II: Ethics and Professionalism
• Domain III: Governing the Internal Audit Function
• Domain IV: Managing the Internal Audit Function
• Domain V: Performing Internal Audit Service

Prerequisites

None

Objectives

• Evaluate Domain III – Governing the IA Function
• Examine Principle 6 – Authorized by the Board
• Evaluate Standard 6.1 IA Mandate ¡ Evaluate Standard 6.2 IA Charter
• Evaluate Standard 6.3 Board and Senior Management Support
• Examine Principle 7 – Positioned Independently
• Evaluate Standard 7.1 – Organizational independence
• Evaluate 7.2 – Qualifications of the CAE

Highlights

• Internal Audit
• GIAS
• IPPF
• Standards
• Accounting
• Internal Controls