NEWS & UPDATES

Today, we're diving into the equally vital role of the PPT: how they actively measure, assure, and continuously elevate audit quality throughout the year and beyond. They're the guardians of excellence, making sure that the promise of quality is consistently delivered. Measuring, Assuring, and Elevating Excellence.

We all want confidence in the work internal audit does. We rely on it to provide clear, unbiased insights into how well our organisations are managing risks and operating effectively. But how do we ensure that quality? It doesn't happen by chance; it's deliberately built, nurtured, and constantly improved. In many top-tier internal audit functions, there's a dedicated group working tirelessly behind the scenes to make this happen: the Professional Practice Team.

This briefing document provides an overview of the new Internal Audit Code of Practice (the "Code"), released in September 2024 and effective from January 2025. This Code, endorsed by the Chartered IIA’s Council, consolidates principles for effective internal audit across the financial services, private, and third sectors in the UK and Ireland. It aims to enhance the impact and effectiveness of internal audit by providing a benchmark of good practice.

The new IIA UK Internal Audit Code represents a significant step forward for the profession in the United Kingdom.

Think of an EQA as a health check for your internal audit team. It's a way to get an independent, expert opinion on how well your internal audit function is operating and whether it's following best practices.