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The true value of internal audit lies in ensuring that these identified gaps are effectively addressed, and that risks are mitigated to an acceptable level. This is where a robust follow-up process becomes indispensable.

A key aspect of a successful IA function is the ability to strategically leverage the work performed by other assurance providers, particularly those within the second line of defence and external advisors. This blog post will explore how IA can effectively utilise the work of these crucial partners, drawing on best practices and the guidance highlighted in our recent internal discussions.

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.

This blog post delves into the ethics of internal auditing and the behaviour expectations placed upon auditors and their functions. We will explore the guiding principles that underpin this crucial profession, drawing upon the insights provided by the International Institute of Internal Auditors (IIA) Global Internal Audit Standards.

How do we ensure our teams are adequately equipped to fulfil this mandate effectively? The Institute of Internal Auditors (IIA) Standard provides a clear starting point, stating that the internal audit activity's resources should be "appropriate to the nature and complexity of the organisation, the risks inherent in its activities, and the size of the organisation."

As Internal Audit consultants, we often find ourselves immersed in the intricacies of processes, risks, and controls. But the true value of our work lies not just in identifying areas for improvement, but in effectively communicating those findings and ensuring they lead to meaningful change.

Auditing the IT General Control environment is not just a technical exercise; it's a fundamental aspect of good governance.

The new IIA UK Internal Audit Code represents a significant step forward for the profession in the United Kingdom.

How does your audit team expect to audit AI systems in the future. Here is a guide to some of the areas that you need to consider. AI introduces unique risks and complexities that require specific attention. This post outlines key factors management should consider regarding AI governance and risk management, and the corresponding skills our IA team needs to effectively audit these systems.

This post outlines how an Internal Audit function can enhance its effectiveness and efficiency by integrating Data Analytics (DA).