The Internal Audit Agency (IAA), in collaboration with the Institute of Internal Auditors (IIA) Ghana, has officially commenced the implementation of the Global Internal Audit Standards (GIAS), marking a significant milestone in public financial management and governance.
Introduction
On January 9, 2024, the GIAS standards were introduced, with their adoption finalized on February 22, 2024. The goal is to harmonize internal audit practices globally, ensuring consistency and effectiveness.
Derived from the 2017 International Professional Practices Framework (IPPF), GIAS consists of 52 standards categorized under five domains and 15 guiding theories. This framework provides a robust roadmap for enhancing the quality and effectiveness of internal audit functions worldwide.
The launch of Ghana’s Public Sector Internal Audit (PSIA) implementation underscores the nation’s commitment to improving public sector accountability and financial governance.
Adopting GIAS: A Game-Changer
Dr. Eric Oduro Osae, Director-General of the IAA, highlighted the transformative potential of GIAS in strengthening Ghana’s Public Financial Management (PFM) system. He noted that the adoption of these standards could foster transparency and combat corruption effectively.
“In the wake of this launch, the IAA expects PSIA offices to report on their compliance with these standards in their first-quarter submissions by April 30, 2025. I urge institutional heads to support internal auditors in their advisory role to ensure absolute compliance in transactions,” Dr. Osae emphasized.
Tailored Standards for Ghana
Joseph Dakora Zumasigee, President of IIA Ghana, stressed that the standards were developed with substantial input from local stakeholders.
“These are not imported standards; we contributed significantly to their development,” he said. Mr. Zumasigee also noted that extensive consultations with various organizations ensured the standards align with Ghana’s unique needs, making them applicable to both the public and private sectors.
Addressing Emerging Risks
The immediate past chairman of the African Federation of Institutes of Internal Auditors (AFIIA) emphasized the timeliness of these standards in addressing evolving risks, especially those posed by emerging technologies like artificial intelligence and robotics.
“These technologies introduce growing, uncontrollable risks that behave like viruses, constantly morphing into new barriers,” he noted.
He called for broader adoption of the standards across private sector organizations and NGOs, along with legislative backing to establish IIA Ghana as a formally recognized professional body.
Such legislation, he argued, would enhance financial management, provide legal protections for internal auditors, and align Ghana with international best practices.
The successful implementation of GIAS marks a significant step toward resetting Ghana’s financial governance landscape. The IAA and IIA Ghana have set a high bar for transparency, accountability, and professionalism, signaling a brighter future for internal auditing in Ghana.
By Madjid Diallo || GhanaNewsOnline