ew Global Internal Audit Standards Launched In Ghana

Story by Mizpah Ampem Darko.

In a landmark development for Ghana's internal audit profession, the Internal Audit Agency (IAA) and the Institute of Internal Auditors (IIA) Ghana have jointly introduced the new global internal audit standards. The launch event, which attracted a diverse group of stakeholders from the public and private sectors as well as non-governmental organizations, marks a pivotal moment in advancing the internal audit profession in the country.


 A Timely Development


Dr. Eric Oduro Osae, Director-General of the Internal Audit Agency, highlighted the importance of these standards in equipping internal auditors with the necessary tools to perform their duties with professionalism and precision. "The timing of this launch is both timely and essential, especially as the world navigates the complexities of emerging technologies, robotics, advanced artificial intelligence, and machine learning," Dr. Osae remarked.


The new standards aim to enhance the efficiency, adaptability, and ethical conduct of internal auditors globally. By providing comprehensive and clear guidelines, the standards are set to elevate internal audit practices, ensuring they contribute meaningfully to the governance and financial frameworks of organizations.


 Broad Sector Adoption


Dr. Osae called for the private sector and NGOs to emulate the public sector's lead in adopting the standards. "Improved governance across institutions will benefit us all," he stressed, emphasizing the transformative potential of the standards in fostering accountability and transparency.


Mr. Joseph Dakora Zumasigee, President of the Institute of Internal Auditors Ghana, shared that Ghana's adoption of the standards has garnered international recognition, with congratulatory messages pouring in from North America, Europe, and Asia. This acknowledgment underscores Ghana's commitment to strengthening public sector governance.


 Anticipated Benefits

The implementation of these standards is expected to bring a range of benefits, including improved ethical practices, heightened efficiency, and increased productivity across organizations. Zumasigee underscored the critical role of senior management and boards in supporting internal auditors, enabling them to operate without fear or undue influence.


To ensure the success of the standards, IIA Ghana is collaborating with the IAA to accelerate the professionalization of internal audit practices in the country. They are urging organizations in both the public and private sectors to seek guidance in effectively implementing these global benchmarks.


 A Milestone for Ghana


"This event marks a turning point, positioning Ghana as a beacon of excellence in internal auditing," Zumasigee declared.


The adoption of global internal audit standards is expected to solidify the role of internal auditors as vital contributors to governance and financial management. This initiative not only strengthens institutional accountability but also lays the groundwork for Ghana’s continued growth and prosperity.


As the nation embraces these standards, the internal audit profession is set to play a crucial role in shaping a more transparent, ethical, and efficient organizational landscape in Ghana.

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