GIAS - Domain V Principle 14 & 15 - Global Internal Audit Standards

Field: Auditing | Delivery Method: Self Study | CPE Hours: 2.0

This segment is dedicated to Domain V, Principle 14 & 15 and the Standards related to Performing Internal Audit Services.


Principle 14 deals with conducting engagement work. There are six related standards within this principle that include:
  • Gathering information for analysis and evaluation
  • Analysis and potential engagement findings
  • Evaluation of findings
  • Recommendations and action plans
  • Engagement conclusions
  • Engagement documentation
Principle 15 deals with Communicating engagement results and monitoring action plans. It includes two separate standards:
  • Final engagement communication
  • Conforming the implementation of recommendations or actions

Internal audit services involve providing assurance, advice or both. Internal Auditors are expected to apply and conform with the Standards when performing engagements whether they are providing assurance advice (except when otherwise indicated in individual standards). Assurance services are designed to provide confidence about GRC/control processes. Through assurance services, auditors provide objective evaluation criteria.
The new Global Internal Audit Standards were released on January 9, 2024, and will become effective January 9, 2025. The previous version, the International Standards for the Professional Practice of Internal Auditing, released in 2017, remains approved for use during a one-year transition period. The Global Internal Audit Standards guide the worldwide professional practice of internal audit. They serve as a basis for evaluating and elevating the quality of the internal audit function. The Standards use 15 guiding principles with five separate Domains that enable effective internal audit implementation and examples of evidence of conformance.
The Global Standards are organized into five domains.
  • Domain I: Purpose of Internal Auditing
  • Doman II: Ethics and Professionalism.
  • Domain III: Governing the Internal Audit Function
  • Domain IV: Managing the Internal Audit Function
  • Domain V: Performing Internal Audit Service

Lesson Objectives:
  • Discern Principle 14 Conduct Engagement Work
    • Evaluate Standard 14.1 Gathering Information for Analysis and Evaluation
    • Evaluation Standard 14.2 Analysis and Potential Engagement Findings
    • Evaluate Standard 14.3 Evaluation of Findings
    • Evaluate Standard 14.4 Recommendations and Action Plans
    • Evaluate Standard 14.5 Engagement Conclusions
    • Evaluate Standard 14.6 Engagement Documentation
  • Discern Principle 15 Communicate Engagement Results and Monitor Action Plans
    • Evaluate Standard 15.1 Final Engagement Communication
    • Evaluation Standard 15.2 Conforming the Implementation of Recommendations or actions.


Field: Auditing
CPE: 2.0
Delivery Method: Self-Study
Format: Video


Your Instructor


Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive

Business Consultant, Trainer, Author


Ms. Fountain has over 40 years of experience spanning public accounting, industry accounting and consulting. Sixteen years of that experience has been in the field of internal audit, risk managment and process improvement. She is well adept to assist your organization evaluate business strategy, perform risk assessments, establish a Sarbanes-Oxley process, synergizing internal audit processes or perform process improvement projects.


As a past corporate executive Lynn has a passion for working with professionals to enhance their processes and provide leading edge education. She has authored and delivered hundreds of training courses for accounting, finance and audit professionals. Her training is filled with not just theory but real world application.


Ms. Fountain has authored three technical publications:

-Leading the Internal Audit Function 

-Raise the Red Flag

-Ethics and the Internal Auditor's political dilemma


Lynn is a recognized leader in the internal audit profession as well as a recognized business professional.  


Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has active, current CPA, CGMA, and CRMA credentials.


https://www.lynnfountain.net/


Course Curriculum


  Global Internal Audit Standards - Domain V Principle 14 & 15
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