Performing Internal Audit Services in line with GIAS - Part 2

Author: Lynn Fountain

This course 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.

Publication Date: July 2025

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

Topics Covered

• Domain V Performing Audit Services
• Principle 14 Conduct Engagement Work
• Standard 14.1 Gather Information for Analysis and Evaluation
• Standard 14.2 Analyses and Potential Engagement Findings
• Standard 14.3 Evaluation of Findings
• 14.4 Recommendation and Action Plans
• Standard 14.5 Engagement Conclusion
• Standard 14.6 Engagement Documentation
• Principle 15 Communicate Engagement Results and Monitor Action Plans
• Standard 15.1 Final Engament Communication
• Standard 15.2 Confirming the Implementation of Recommendations or Action Plans
• "Unofficial" Mapping of 2024 Global Standards to 2017 IPPF - Domain V Principle 14/15

Learning Objectives

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

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Basic Understanding of Internal Audit Services

Advance Preparation
None