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Effective Internal Audit in the Financial Services Sector, September 2013

In July, 2013, the Chartered Institute of Internal Auditors (the Chartered Institute), the UK and Ireland affiliate of The IIA, published “Effective Internal Audit in the Financial Services Sector.” The publication offers recommendations on how to enhance internal audit in the UK financial services sector as “an additional benchmark against which firms can measure their internal audit function.” It aims to build on The IIA’s International Standards for the Professional Practice of Internal Auditing (Standards).

The recommendations were made directly to the Chartered Institute by an Independent Committee comprised of noted board directors, internal audit professionals, and academicians, and included observers from the UK financial services regulators (the Financial Conduct Authority and the Prudential Regulation Authority) and corporate governance regulator (Financial Reporting Council).

To illustrate the relationship between the Standards and the recommendations of the Independent Committee, the Chartered Institute and The IIA have jointly prepared documents demonstrating how relevant components of the Standards relate to the individual recommendations.