Page 54 - CMA Journal (Jan-Feb 2026)

Articles Section

Structural and Governance-Level management. All additional roles, responsibilities,
Improvements in GIAS 2024 and safeguards must be documented in the internal
audit charter, and an independent third-party
The Global Internal Audit Standards (GIAS) 2024 provide assurance is required for temporary roles up to 12
a more comprehensive and efficient framework months. If independence is limited due to
compared to 2017 by replacing the governance constraints, the CAE must record the
Attribute/Performance Standards duality with a situation and the measures taken. In summary, the
hierarchical domain-based principle standard model. 2024 standards create a framework that is
The standards are now organized into five domains: comprehensive, precise, and governance-driven,
Purpose of Internal Auditing, Ethics and Professionalism, prioritizing openness, accountability, and continuous
Governing the Internal Audit Function, Managing the evaluation, while ensuring alignment with
Internal Audit Function, and Performing Internal Audit organizational goals.
Services.
Summary
1) Enhanced Structure and Clarity - Each domain
includes principles, such as “Demonstrating Overall, GIAS 2024 elevates the importance of
Integrity” under Ethics and Professionalism, governance in internal audit. The audit mandate has
outlining expected behavioral and operational been removed from the charter and established as an
practices. Requirements marked with “must” independent unit. The board’s roles are clearly defined
indicate mandatory compliance, while “should” or and expanded. Ethics are integrated into the standards,
“may” provide guidance for implementation. providing clarity and reducing confusion.
Practical examples illustrate conformance evidence,
The Chief Audit Executive is now responsible for
such as documentation showing strategy and
thorough documentation, close coordination with the
methodology application. These changes provide
board and top management, and checks on additional
greater clarity than the 2017 framework. Ethics and
roles and responsibilities. Together, these changes create
governance, previously separate under the code of
a strong, reliable, and transparent system, ensuring
ethics, are now integrated into the domain structure.
consistency, focus, and alignment with organizational
Standards 8.4 and 5.2 include expanded guidance,
goals, while strengthening collaboration between
enhancing clarity further.
auditors, leadership, and the board for improved
2) Strengthened Governance of Chief Audit Executive outcomes.
Roles - The 2024 standards expand the roles of the About the Author: Dr. Muhammad Naveed Salman Khan is
Chief Audit Executive (CAE) beyond auditing. In 2017, Deputy Chief of Internal Audit at the Oil & Gas Development
CAEs could take additional responsibilities under Company Limited (OGDCL) with nearly 30 years of experience. Since
safeguards and board supervision (Standards 1112). joining the Internal Audit Department in 1996, he has conducted
pre/post audits, comprehensive audits, field audits, process audits,
The updated standards (Domain III, Standard 7.1) are
and Joint Venture audits, gaining extensive expertise in risk
more rigorous. CAEs must now discuss both actual
management and company operations.
and perceived impairments with the board and senior

52 ICMA’s Chartered Management Accountant, Jan-Feb 2026