Internal audit in financial services
A new benchmark
This follows the Chartered Institute of Internal Auditors’ guidance, seeking to reposition internal audit within financial services organisations.
In this paper we share our insight and highlight some key changes arising as a result of the new benchmark.
Internal audit is in the spotlight – with a new benchmark increasing the responsibilities and scope of internal auditors.
The Chartered Institute of Internal Auditors recently issued guidance specifically targeted at internal audit functions within UK financial services organisation. The guidance seeks to reposition the focus of internal audit. As a result, internal audit will need to review it resources and skills to meet the requirements of the new guidance, and assess its impact upon the audit plan.
This guidance presents an opportunity for internal audit functions to increase their relevance within organisations, and the financial services industry as a whole, as a mechanism through which key risks are managed.
This paper seeks to assist organisations in considering what impact the guidance will have by:
- Providing a summary of the guidance;
- Assessing the areas in which the guidance will have significant impact;
- Considering how current best practice for internal audit is evolving; and
- Suggesting a list of questions internal audit functions and Audit Committees should now be considering.