These standards aim to streamline internal audit practices worldwide
Ghana, on January 9, 2025, officially began implementing the Global Internal Audit Standards (GIAS), marking a significant milestone in public financial management and governance.
These standards, introduced on January 9, 2024, and adopted on February 22, 2024, aim to streamline internal audit practices worldwide.
Derived from the 2017 International Professional Practices Framework (IPPF), GIAS comprises 52 standards across five domains and 15 guiding principles.
The framework provides a comprehensive roadmap for enhancing the quality and effectiveness of internal audit functions globally.
The official launch of Ghana’s Public Sector Internal Audit (PSIA) practice underscores the country’s commitment to improving public sector accountability and financial governance.
According to Dr. Eric Oduro Osae, Director-General of the Internal Audit Agency (IAA), adopting GIAS could bolster the Public Financial Management (PFM) system, promote transparency, and combat corruption.
“After this launch, the IAA expects PSIAs to report on their compliance with these standards in their first-quarter submissions by April 30, 2025,” Dr. Osae stated.
He also urged institutional heads to support internal auditors, emphasizing their advisory role in ensuring seamless and compliant transactions.
Highlighting Ghana’s leadership, Joseph Dakora Zumasigee, President of the Institute of Internal Auditors (IIA) Ghana, stressed that the standards were tailored with substantial input from local stakeholders.
“These are not standards from elsewhere; we were integral to their development,” he affirmed.
The process involved extensive consultations with various organizations to align the standards with Ghana’s unique requirements. This collaborative effort ensured the framework’s relevance to both the public and private sectors.
Eric Nathaniel Yankah, Immediate Past Chairman of the African Federation of Institutes of Internal Auditors (AFIIA), emphasized the standards’ timeliness amid evolving risks driven by emerging technologies like artificial intelligence and robotics.
“These technologies come with growing, uncontrollable risks that behave like viruses, constantly morphing into new barriers.”
Yankah called for broader adoption across private sector organizations and NGOs, along with legislative backing to establish the IIA Ghana as a formally recognized professional body.
He argued that such legislation would enhance financial management, provide legal protections for internal auditors, and align Ghana with international best practices.
AM/KA
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