News: Are you set up to comply with Principle 28 of the IIA UK Code.

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.

The Code - Principle 28 states that the chief audit executive should ensure that internal audit has the appropriate tools and technology to support the function’s impact and effectiveness. This includes the use of data analytics and artificial intelligence.

The principle further elaborates that tools and technology should be used in internal audit activities, including to help auditors, analyse the risk profile to support scoping decisions, test controls and enhance internal audit coverage and quality. The internal audit function should regularly evaluate how tools and technology can be used to improve its effectiveness and efficiency.

In essence, Principle 28 emphasises the importance of equipping the internal audit function with suitable technological resources to enhance its ability to provide impactful and effective services within the organisation. This includes leveraging modern tools like data analytics and artificial intelligence to improve various aspects of internal audit work, from risk assessment to control testing and overall coverage. The principle also highlights the need for ongoing evaluation of technology to ensure continuous improvement in the function's performance.