Global Internal Audit standard/Gmsisuccess Here are clear, exam-focused summary notes on the Global Internal Audit Standards 2024 issued by the — very useful for CIA & CIA Challenge Exam (2026) 👇
📘 Global Internal Audit Standards 2024 – Summary Notes
🔷 What are these Standards?
- Replace the old IIA Standards (2017)
- Effective from January 2025
- Provide a principles-based framework for internal auditing globally
- Applicable to:
- Internal auditors
- Chief Audit Executives (CAE)
- Boards & management
🧩 Structure of 2024 Standards
The new framework is divided into 5 Domains + 15 Principles
🟣 DOMAIN 1: Purpose of Internal Auditing
👉 Defines why internal audit exists
Key Points:
- Enhance & protect organizational value
- Provide:
- Assurance
- Advice
- Insight
📌 Focus:
- Governance
- Risk management
- Internal control
🔵 DOMAIN 2: Ethics & Professionalism
👉 Behavior & integrity of internal auditors
Principles:
- Integrity
- Objectivity
- Competency
- Due professional care
- Confidentiality
📌 Based on:
- IIA Code of Ethics (integrated into standards now)
🟢 DOMAIN 3: Governing the Internal Audit Function
👉 Role of Board & senior management
Key Points:
- Independence of internal audit
- Direct reporting to Board/Audit Committee
- Appointment & evaluation of CAE
- Approval of audit charter
📌 Important:
- Strong governance = effective internal audit
🟡 DOMAIN 4: Managing the Internal Audit Function
👉 Role of Chief Audit Executive (CAE)
Key Responsibilities:
- Develop risk-based audit plan
- Resource & skill management
- Quality Assurance & Improvement Program (QAIP)
- Use of technology & data analytics
📌 Includes:
- Strategic planning
- Performance monitoring
🔴 DOMAIN 5: Performing Internal Audit Services ⭐
👉 Core practical audit work (most important for exams)
Stages:
1. Engagement Planning
- Define scope & objectives
- Identify risks
- Design audit procedures
2. Engagement Execution
- Collect evidence
- Perform testing
- Use data analytics
3. Communication
- Report findings clearly
- Provide recommendations
4. Follow-Up
- Monitor corrective actions
⭐ Key Features of 2024 Standards
✅ Principles-Based Approach
- Focus on “what should be achieved” not rigid rules
✅ Integration of Ethics
- Ethics now embedded inside standards
✅ Emphasis on Governance
- Strong role of Board & Audit Committee
✅ Technology Focus
- Data analytics, IT audit importance increased
✅ Performance & Quality
- Continuous improvement mandatory
⚠️ Important Exam Concepts
🔥 Independence
- Internal audit must be free from management influence
🔥 Risk-Based Auditing
- Focus on high-risk areas first
🔥 Assurance vs Consulting
- Assurance = objective evaluation
- Consulting = advisory role
🔥 QAIP (Quality Program)
- Internal + external assessments required
📊 Quick Revision Table
| Domain | Focus |
|---|---|
| 1 | Purpose |
| 2 | Ethics |
| 3 | Governance |
| 4 | Management |
| 5 | Audit Execution |
🧠Memory Trick (Easy)
👉 “P-E-G-M-P”
- Purpose
- Ethics
- Governance
- Management
- Performance
🚀 Final Tip (For CIA Challenge)
Focus heavily on:
- Domain 5 (Execution) ⭐
- Domain 3 (Governance)
- Domain 4 (CAE responsibilities)
www.gmsisuccesss.in
Global Internal Audit standard 2024/Gmsisuccess
You will get further:
- 📘 MCQs on Global Internal Audit Standards 2024
- 📊 Comparison: Old vs New Standards
- 🧠Case-based questions (exam level)
