NEWS & UPDATES

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.

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.

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

Think of an EQA as a health check for your internal audit team. It's a way to get an independent, expert opinion on how well your internal audit function is operating and whether it's following best practices.