This briefing document provides an overview of the new Internal Audit Code of Practice (the "Code"), released in September 2024 and effective from January 2025. This Code, endorsed by the Chartered IIA’s Council, consolidates principles for effective internal audit across the financial services, private, and third sectors in the UK and Ireland. It aims to enhance the impact and effectiveness of internal audit by providing a benchmark of good practice.

Does your Internal Audit Charter say that your function "complies" with the IIA Standards. if it does this means that you are committed to comply with the new IIA UK Code (Sept 2024). Given a reasonable period to bring your functions up to standard (say 12 months) if you are not complying with Principle 28 by Sept 2025 then you will not be not complying with your Charter or the Code.