The draft new Internal Audit Code of Practice will cover the financial services, private and third sectors, meaning there will be one combined Code for the first time.

The aim is to raise the bar across the whole internal audit profession and put both financial services and non-financial services internal audit functions on a more equal footing.

Anne Kiem OBE, chief executive of the Chartered Institute of Internal Auditors (IIA) said: ‘We have seen too many incidents of the impact of insufficient attention to audit and corporate governance that sadly can lead to corporate collapse. It is crystal clear that strengthening audit and assurance is now vital.

‘Our new Code addresses this by advocating for robust, competent, and appropriately resourced internal audit functions. We need a dynamic and forward-looking internal audit profession that supports boards in navigating an increasingly complex and multifaceted risk landscape.’

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