I have been invited to comment on the draft Code of Practice from the Chartered Institute of Internal Auditors (the UK affiliate of the IIA). You can find it here.
Take the time to review it.
This is an important document not only because of its potential impact on internal auditing in the UK, but also because it might be adopted in other parts of the world.
One thing I like about it is that it is relatively short! But it has a lot of principles, perhaps too many.
I have considered:
- Whether it is necessary given the new Global Internal Audit Standards (GIAS).
- Whether its content is appropriate and desirable.
- Whether it adds value to the profession and its practices.
I will conclude on those at the end. First, let’s review its content.
I like its ambitious start:
The purpose of the Code
The principles which follow are aimed at enhancing the overall impact and effectiveness of internal audit within organisations operating in the UK and Ireland. They are regarded as a benchmark of good practice against which organisations should assess their internal audit function.
It continues with:
The Code should be applied in conjunction with the Global Internal Audit Standards. The Code builds on these Standards and seeks to increase the impact and effectiveness of internal audit by clarifying expectations and…
