Performing Internal Audit Services in line with GIAS - 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

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.

Who Should Attend
Controllers, Accountants, Auditors, Finance and Operational Professionals Professionals

Topics Covered

• 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.

Learning Objectives

• Discern Principle 14 Conduct Engagement Work
• Evaluate Standard 14.1 Gathering Information for Analysis and Evaluation
• Evaluate Standard 14.2 Analysis and Potential Engagement Findings
• Evaluate Standard 14.3 Evaluation of Findings
• Evaluate Standard 14.4 Recommendations and Action Plans
• Evaluate Standard 14.5 Engagement Conclusions
• Evaluate Standard 14.6 Engagement Documentation
• Discern Principle 15 Communicate Engagement Results and Monitor Action Plans
• Evaluate Standard 15.1 Final Engagement Communication
• Evaluation Standard 15.2 Conforming the Implementation of Recommendations or actions

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Basic Understanding of Internal Audit Services

Advance Preparation
None