Internal Audit Code of Practice - Consultation

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About

We are currently consulting on the development of an Internal Audit Code of Practice, that once implemented will cover all sectors. This work is being overseen by an independent committee chaired by Brendan Nelson the Audit Committee Chair of BP. 

This new Code aims to embed best practice and raise the bar right across the internal audit profession. It builds on our vital work in developing a similar Code for financial services firms, which has been a great success in boosting the scope, skills and status of internal audit. Our ambition is that the new Code will achieve the same for the profession across all sectors. 


A first for the profession

The Internal Audit Code of Practice will be the first time that organisations, outside of the financial services sector, will be given comprehensive benchmarks for them to meet and detailed guidance about running an effective internal audit function.

Once agreed the new Code will provide an industry benchmark for best practice internal audit. It will also provide a gauge for boards, audit committees and where appropriate UK regulatory authorities to assess the role, function and effectiveness of internal audit functions.


Key recommendations

The draft Code makes 30 recommendations to strengthen internal audit including:

  • Unrestricted access for internal audit. Internal audit should not be stopped from looking at any part of the organisation it serves
  • Full access for internal audit to senior meetings. Internal audit must have the right to attend board and executive committee meetings 
  • Full access for internal audit to key management information. Internal audit must have timely access to key management information

Have your say

For any further comments or queries about the code, email: iiapolicy@iia.org.uk

You can continue to access the draft consultant document HERE.