NEWS & UPDATES

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.

In today's rapidly evolving business landscape, the Internal Audit function faces unprecedented challenges and opportunities. The increasing reliance on data, the proliferation of Artificial Intelligence (AI) systems, and the ever-present need for robust risk management necessitate a proactive approach to ensure the continued relevance and effectiveness of Internal Audit. The IIA Standard and, crucially for our context, the new IIA Code sets out guidance.

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.

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).