The Chartered Institute of Internal Auditors’ new Internal Audit Code of Practice comes into effect on 1 January 2025 and aligns with new Global Internal Audit Standards and forthcoming UK Corporate Governance changes.
The Code is applicable to organisations in the financial services, private and third sectors (e.g. charities) in the UK and Ireland that have an internal audit function, and a Board Audit Committee comprised of independent non-executive directors or their equivalents.
The Code enshrines a total of 37 individual principles for managing an effective internal audit function broken down into the following categories:
- Purpose and mandate of internal audit
- Scope and priorities of internal audit
- Reporting results
- Interaction with risk management, compliance, finance and control functions
- Independence and authority of internal audit
- Resources
- Quality assurance and improvement programme
- Relationships with regulators and external audit
- Wider considerations
The full code is available to view here.
Griffiths & Armour recommends that organisations review their internal audit operations in light of this new Code.
Guidance, template documentation and training on enterprise risk management and a wide range of specific risk topics is available via RMworks, which is available to all Griffiths & Armour clients.
For further information and support, please get in touch.
