IIA updates voluntary code of practice for internal auditors

Released 09 January 2020

The Chartered Institute of Internal Auditors (IIA) has published an updated version of its voluntary code of practice for internal auditors.

The new code aims to increase the status, scope and skills of internal audit and makes 38 recommendations for businesses including:

unrestricted access for internal audit so it is not stopped from looking at any part of the organisation it serves and key management information;

the right to attend and observe executive committee meetings;

a direct line to the CEO and a direct report to the Audit Committee Chair to increase the authority and status of internal audit;

the direct employment of Chief Internal Auditors in every business even when the internal audit function is outsourced. This is to ensure Chief Internal Auditors have sufficient and timely access to key management information and decisions; and

regular communication and sharing of information by the Chief Internal Auditor and the partner responsible for external audit to ensure both assurance functions carry out their duties effectively.

View the Internal Audit Code of Practice.

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