A proposed code for internal auditors has been praised by ACCA (the Association of Chartered Certified Accountants) for ‘clearly and concisely reflecting and adopting global standards’, while maintaining its relevance for the UK profession.
Responding to a public consultation, issued by the Chartered Institute of Internal Auditors, ACCA welcomes the way the draft looks across the whole of an organisation’s operations to include all connectivity and interdependencies such as organisational culture, and capital and liquidity risks.
However ACCA – who has many members working in internal audit in the UK and across the globe – has raised some concerns over the combined Internal Audit Code of Practice for effective internal audit in the financial services, private and third sector.
The code has an outcomes-based approach, however, ACCA maintains its should explicitly signpost internal audit to focus on corporate strategic outcomes, what may prevent success and how successfully the organisation manages and mitigates those risks.
ACCA is concerned about the lack of focus on third party internal audit functions and how the role of a third-party function may differ. The expectation in the Code is…
