In light of the evolving internal audit frameworks and the need to equip our team with the latest knowledge and best practices, TOR Ltd. collaborated with KPMG to facilitate an in-house training session on the newly adopted Global Internal Audit Standards (GIAS). The initiative is integral to the company’s continuous efforts to maintain robust financial accountability, enhance governance standards, and ensure compliance and efficiency in the company’s overall financial oversight.
The International Internal Audit Standards Board (IIASB) released the new Global Internal Audit Standards on January 9, 2024, to take effect on Jan. 9, 2025. The Standards apply to internal audit functions and organizations that provide internal audit services, including external service providers.
The training designed for the refinery’s finance and audit teams, aimed to deepen participant’s understanding while incorporating the latest international best practices into the refinery’s internal audit processes. Ghana is among the countries to have adopted GIAS. To strengthen financial management, the Ghana Internal Audit Agency in accordance with IIASB, recently launched the 2025 Revised Risk-Based Internal Audit (RBIA) Manual. This initiative is aimed at reducing corruption, enhance professionalism of internal auditing and protecting public funds. The training, thus aligns with the broader industry reforms.
The hands-on training provided participants with a thorough appreciation of the new standards and their relevance for ensuring smooth transition and compliance with GIAS while also contributing to their continuous professional development needs. This collaboration with KPMG underscores the refinery’s proactive commitment to promoting a culture of accountability, compliance and excellence.
