Performing Internal Audit Services in line with GIAS - Part 1

Author: Lynn Fountain

This course 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

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

Publication Date: July 2025

Designed For
Controllers, Accountants, Auditors, Finance and Operational Professionals Professionals

Topics Covered

• Domain V Performing Audit Services
• Principle 13 - Plan Engagement Effectively
• Principle 13.1 - Engagement Planning
• Principle 13.2 - Engagement Risk Assessment
• Principle 13.3 - Engagement Objectives and Scope
• Principle 13.4 - Evaluation Criteria
• Principle 13.5 - Engagement Resources
• Principle 13.6 - Work Program
• "Unofficial" Mapping of 2024 Global Standards to 2017 IPPF - Domain III Governance

Learning Objectives

• Explain Domain V: Performing Internal Audit Services
• Explain Principle 13 Plan Engagements effectively
• Explain Standard 13.1 Engagement Communications
• Explain Standard 13.2 Engagement Risk Assessment
• Explain Standard 13.4 Evaluation Criteria
• Explain Standard 13.5 Engagement Resources
• Explain Standard 13.6 Work Program

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Basic Understanding of Internal Audits

Advance Preparation
None