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 post is how we transition to the crucial step that translates that diligent work into tangible impact and valuable assurance: Reporting Audit Findings Effectively.

Audit Execution from the blueprint to the build – executing the individual audit assignments identified in that plan. This is where the core assurance work happens, transforming planned activities into tangible insights about how well risks are being managed within specific areas of the organisation.

Effective Internal Audit (IA) isn't just about conducting audits; it's a continuous cycle designed to provide assurance, insight, and foresight to help organisations achieve their objectives. This lifecycle encompasses planning, execution, reporting, and follow-up. Today, we focus on the critical starting point: Crafting the Annual Internal Audit Plan.

The true value of internal audit lies in ensuring that these identified gaps are effectively addressed, and that risks are mitigated to an acceptable level. This is where a robust follow-up process becomes indispensable.

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.

Taking your QAIP seriously can significantly elevate the effectiveness and value of your internal audit function.