Internal auditing (IA) is an objective assurance and consulting activity designed to add value and improve an organisation’s operations by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes.
The Institute of Internal Auditors (IIA) (https://www.iia.org.uk) is the recognised international standard setting body for the internal audit profession, including in the UK. The IIA is responsible for the INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (IPPF) (“Standards”). JCBFL has produced a IIA Standards gap analysis Template which can be used as tool for an internal audit function, or the organisation’s Audit Committee, to assess its compliance with the Standards. The Tool also forms the basis an EQA (External Quality Assessment) review of processes and practices within the internal audit function to provide independent quality assurance on a 4-to-5-year cycle.
In addition to the Standards, there is the Financial Services Code and its Code of Practice (Code) which should be applied in conjunction with the Standards. The Code builds on those Standards, providing context specific to the financial services sector; and seeks to increase the effectiveness and impact of internal audit in organisations in that sector by clarifying expectations and requirements. The full Code publication is shown here.The Code was updated in January 2021.
JCBFL provides an Internal Audit Financial Services Code of Practice – gap analysis Template which can be used as a Tool for an internal audit function, or the organisation’s Audit Committee, to assess its compliance with the Code.