In January 2021, a new version of the Chartered Institute of Internal Auditors Internal Audit Financial Services Code of Practice: Guidance on effective internal audit in the financial services sector (‘the Code’) was published. This follows the publication of the Internal Audit Code of Practice: Guidance on effective internal audit in the private and third sectors in January 2020. The changes to the FS Code are to align the two codes for consistency.
We encourage Heads of Internal Audit to review the new Code in light of their current situation. In particular, where internal audit functions have made changes to their organisation, structure or ways of working in response to Covid-19, it is important to assess whether they remain effective and compliant with the Code. It is always important to bear in mind proportionality and ensure that the changes to the Code are assessed and implemented as appropriate.
PKF is always here to help you and we have put together a comparison tool to help you assess and report on the changes to the Code to your audit committees, which you can download from this page.