Internal Audit Code of Practice | Guidance
Guidance on effective internal audit in the private and third sectors
The Internal Audit Code of Practice aims to enhance the overall effectiveness of internal audit, and its impact, within organisations operating in the UK and Ireland.
Its recommendations can be regarded as a benchmark of good practice against which organisations can assess their internal audit function.
The Code is principles-based. It is expected that the Code should be applied proportionately, and therefore smaller organisations should apply the principles on which the Code is based in light of their size, risk profile and internal organisation and the nature, scope and complexity of their operations.
Relevant guidance
Fully understanding how to practically implement each of the Code’s recommendations requires cross referencing with our existing technical guidance. In particular, the following pieces of technical guidance help to support the Code’s implementation:
Role and mandate of internal audit
Scope and priorities of internal audit
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Sector specific – FS - Risk assessments and prioritisation of internal audit work |
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Coordination of assurance services Sector specific – FS - Annual governance, risk and control assessments |
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Presenting information to the board for strategic decisions |
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Reporting results
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Delivering internal audit findings Following up recommendations/management actions Things to consider when preparing your internal audit opinion |
Interaction with risk management, compliance and finance
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Supplemental guidance: Model Internal Audit Charter Position paper – Risk management and internal audit
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Independence and authority of internal audit
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Supplemental guidance: Model Internal Audit Charter |
Resources
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Annual internal audit coverage plans |
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Quality assurance and improvement programme (QA&IP)
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Quality and the International Standards Quality assurance and improvement programmes |
Internal audit performance management |
Relationships with external audit
| Position paper - Internal audit's relationship with external audit |
