On January 9, 2025, Ghana formally commenced the implementation of the Global Internal Audit Standards (GIAS), indicating a major breakthrough in the control and management of public finances.
On January 9, 2024, these standards were first presented, and on February 22, 2024, they were finally adopted. Their goal is to improve internal auditing procedures all around the world. GIAS, which is based on the 2017 International Professional Practices Framework (IPPF), offers a strong framework to raise the caliber and efficacy of internal audit operations globally. It consists of 15 guiding principles and 52 standards arranged into five categories. Ghana’s commitment to enhancing financial governance and accountability in the public sector is demonstrated by the official opening of its Public Sector Internal Audit (PSIA) practice.
Dr. Eric Oduro Osae, Director-General of the Internal Audit Agency (IAA), emphasized that the adoption of the Global Internal Audit Standards has the potential to fortify the Public Financial Management (PFM) system, enhance transparency, and help combat corruption. “Following this launch, we anticipate that PSIAs will report their compliance with these standards in their first-quarter submissions by April 30, 2025,” Dr. Osae noted.
He also urged institutional heads to support internal auditors, emphasizing their advisory role in ensuring seamless and compliant transactions.
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Moreover, Joseph Dakora Zumasigee, President of the Institute of Internal Auditors (IIA) Ghana, highlighted Ghana’s leadership role, emphasizing that these standards were tailored with substantial input from local stakeholders. “These are not standards from elsewhere; we were integral to their development,” he affirmed. The process included extensive consultations with various organizations to align the standards with Ghana’s specific needs, ensuring the framework’s relevance to both the public and private sectors. Eric Nathaniel Yankah, Immediate Past Chairman of the African Federation of Institutes of Internal Auditors (AFIIA), emphasized the standards’ timeliness, citing the evolving risks driven by emerging technologies like artificial intelligence and robotics. “These technologies come with growing, uncontrollable risks that behave like viruses, constantly morphing into new barriers.”
Yankah also called for broader adoption across private sector organizations and NGOs, as well as legislative backing to establish the IIA Ghana as a formally recognized professional body. He argued that such legislation would enhance financial management, provide legal protections for internal auditors, and align Ghana with international best practices.
