The Internal Audit Code of Practice is due to come into force in January 2025 and is a significant step towards bolstering corporate governance and helping prevent company failures by ensuring companies have robust and effective internal audit functions.

These functions are crucial to help boards identify, manage, and mitigate their risks.

The Chartered Institute of Internal Auditors (CIIA) has worked with regulators and central banks, including the Bank of England, Bank of Ireland, Financial Conduct Authority (FCA) and the Financial Reporting Council (FRC) to develop the internal audit code.