The professional body which represents over 8000 internal auditors in the UK and Ireland will be awarded chartered status, it was announced today.

The Institute of Internal Auditors - UK and Ireland, which was formed in 1948, will become the Chartered Institute of Internal Auditors with effect from 1st of October this year.

Institute President Dr Sarah Blackburn, who led the project to attain the award, said, "This is a major milestone in the development of the internal audit profession. The award of chartered status is public acknowledgement of the importance of internal audit to helping organisations manage their risks better as part of good governance. It comes at a time when risk management and corporate governance have never been a higher priority."

Institute Chief Executive, Dr Ian Peters said, “The award of chartered status is a timely boost to our strategy. The internal audit profession has much to contribute to the corporate governance arena. Our aim is to increase our involvement in the development of public policy and also ensure that individual organisations have the highest levels of specialist internal auditing knowledge and skills.”

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