In a significant move to bolster public financial management and enhance governance, Ghana has officially begun implementing the Global Internal Audit Standards (GIAS).
These internationally recognized standards, which were released globally on January 9, 2024, were adopted by the country on February 22, 2024.
Ghana’s swift adoption of these standards places it among the first nations to commit to improving internal audit practices aligned with global best practices.
Developed as part of the 2017 International Professional Practice Framework (IPPF), the GIAS encompass 52 standards divided into five key domains.
These domains are further broken down into 15 guiding principles that aim to elevate the quality, of internal audits worldwide, providing governments with a comprehensive framework for evaluation and continuous improvement.
As part of the rollout, the Internal Audit Agency (IAA) of Ghana has developed a detailed roadmap for implementation, setting a deadline for public institutions to revise internal audit charters by December 31, 2024, ahead of the final compliance deadline in January 2025.