The Global Internal Audit Standards (GIAS 2024) officially took effect on January 9, 2025, replacing the previous IPPF 2017 framework. With this significant update, the world of internal auditing has evolved, aiming to strengthen governance, improve risk management, and enhance the overall effectiveness of audit functions globally.
What Are the GIAS 2024 and Why Do They Matter?
GIAS 2024 represents a global shift in how organizations approach internal audits. The updated standards aim to provide risk-based assurance, improve stakeholder engagement, and promote better governance. These changes are critical for businesses striving to navigate complex regulatory landscapes and improve operational efficiency.
The impact of GIAS 2024 extends across organizations of all sizes, as they look to ensure independent audits and actionable insights to drive decision-making.
Key Changes in GIAS 2024
- External Quality Assessments (EQAs):
One of the standout updates in GIAS 2024 is the mandatory introduction of external quality assessments. Overseen by the board, these assessments ensure transparency, enhance accountability, and elevate the governance structure of the internal audit function. - Clear Communication of Results:
GIAS 2024 emphasizes the importance of clear communication between internal auditors and key stakeholders. This ensures that audit results are presented in an actionable way, facilitating quicker decision-making and better implementation of recommendations. - Continuous Monitoring of Action Plans:
The new standards also require auditors to focus on monitoring the implementation of action plans. This ongoing oversight ensures that audit recommendations are effectively acted upon, increasing the value created by internal audits.
How GIAS 2024 Enhances Risk Management and Governance
The updated GIAS 2024 standards place a significant emphasis on risk management and governance. By implementing rigorous frameworks for audits, businesses can identify and mitigate risks proactively, ensuring that their operations remain compliant and efficient.
With enhanced governance processes, organizations can ensure that their internal audit functions contribute to strategic decision-making and long-term sustainability. The external quality assessments (EQAs) further reinforce these efforts, helping organizations maintain the integrity and independence of the auditing process.
The Role of Internal Auditing in Organizational Success
The role of internal auditing is not just about identifying problems—it’s about providing value. The goal of GIAS 2024 is to create value through independent assessments, helping organizations make informed, risk-aware decisions.
As businesses face more complex and dynamic challenges, the need for a strong internal audit function has never been more critical. GIAS 2024 provides the framework for businesses to enhance their audit practices, ensuring they are better prepared for future risks.
Our Commitment to Helping You Transition to GIAS 2024
At Ronalds Africa, we are committed to ensuring that our clients seamlessly transition to GIAS 2024. We offer expert advice, support, and training workshops to ensure your internal audit teams are equipped with the knowledge and tools needed to meet the new standards. Our goal is to guide you through this transition and ensure compliance, so your organization can thrive in an increasingly complex business environment.
How We Can Support You
- Risk-based Assurance: We provide comprehensive support for building and maintaining a strong internal audit function focused on proactive risk management.
- External Quality Assessments (EQAs): Let us help you implement EQAs and strengthen your governance framework.
- Audit Results Communication: We will guide you on how to effectively communicate audit results and track the progress of action plans.
Conclusion: Embrace the Future of Internal Auditing with GIAS 2024
The arrival of GIAS 2024 marks a new era for internal auditing. These standards are designed to increase the effectiveness of internal audits, strengthen governance, and improve risk management. By aligning with the new standards, organizations can ensure that their internal audit functions create greater value and contribute to their overall success.
At Ronalds Africa, we’re here to help you navigate the changes and implement GIAS 2024 in your internal audit processes. Let’s work together to ensure your organization thrives in the new audit landscape.
