Page 52 - CMA Journal (Jan-Feb 2026)

Articles Section
Articles Section
Structural Transformation of Internal

Audit: A Comparative Analysis of

IPPF 2017 and GIAS 2024

Introduction compliant but also
aligned with the
From 2017 to 2024, noticeable changes have been made
organization's goals.
in internal auditing. This can be clearly observed when a
comparison is made between the 2017 IPPF standards Mandate Position
and the new 2024 GIAS. The mandate of internal audit and Emphasis
was previously buried in the audit charter in the earlier
framework. Its presence was not noticeable as its Changed
authority was not clearly defined. However, these 2024 From 2017 to 2024,
standards elevate the mandate to an independent the mandate in terms
functional unit with a defined role and authority. This of its position and
ensures a more transparent approach with stronger role, has changed
alignment with governance. from being buried in
Another improvement under these standards is the the audit charter to Dr. Muhammad Naveed
strengthening of the board's role: previously, its role was having a defined
limited to approving the charter, but now it includes place in the system. In Salman Khan
formation, approval, and support of the mandate. the 2017 framework, Deputy Chief (Internal Audit)
Standards are reorganized into fields, concepts, and the mandate’s posi- Oil & Gas Development
requirements, and guidelines for implementation, along tion was not clear, so Company Limited (OGDCL)
with examples demonstrating compliance, are also one had to look for it
provided. As a result, the impact of this approach is in the charter. In contrast, the 2024 standards emphasize
significantly strengthened. the mandate as a separate unit with its own defined role
and place. This change leads to increased accountability
Along with these improvements, ethical aspects, and clarity, alignment with governance, and organi-
governance, and operations are also integrated to zational autonomy.
ensure that internal audit activities are not only

Comparison of Internal Audit Mandate: IPPF Standards 2017 vs GIAS 2024

Element IPPF Standards 2017 GIAS 2024
a
M Mandate Impliedd through the internal audit Explic c as the internal audit funcction’s
i
n
o
h
D charter,, emphasizing purpose, authority, authority, role, and responsibilities. Now formally
R
r
and responsibility. separated from thhe charter. Ref: Standardd 6.1
Ref: Staandard 1000 Purpose, Internal Audit Manndate
Authorrity, and Respponsibility
d
Source of Grantedd by the board through the Must be authorizedd by the board. Ref: Principle 6,
r
o
Authority charter.. Ref: Standard 1000, requiring Standard 6.1- "The board establishes, apprroves,
r
a
d
h
i
s
a
board approval and supports..."
t
i
d
n
m
Documentation Mandate typically embedded within the Mandate is a disstinct component and maay be
r
a
e
Requirement charter.. Ref: Standard 1010 documented separately from the internal audit
charter. Ref: Standard 6.1 Internal Audit Manndate
n
n
h
m
Emphasis Focus oon alignment with organizational Emphasizes explicitt authorization, formalization,
w
a
h
t
v
b
objectives and board endorsement. Ref: and broader stakeholder expectations.
e
Standaard 1110 Ref: Principle 8 Ovverseen by the Board
P
Flexibility and General applicability across all Provides greater sp g gnizing variations in
d
l
p
z
n
Jurisdiction organizations. Ref: Introduction to public versus private sector and jurisdicctions.
o
u

F
Standaards Ref: Fundamentals of GIAS 2024 and Domainn III
50 ICMA’s Chartered Management Accountant, Jan-Feb 2026