IIA offers internal audit advice
The Chartered Institute of Internal Auditors (IIA) has issued a new report offering advice to financial services professionals who need to meet the industry guidelines drafted by the organisation and a series of further groups such as the Prudential Regulation Authority and the Bank of England.
According to the IIA, "the guidance gives a clear direction to internal audit functions to focus upon governance and risk management".
Internal audit has been highlighted as an important part of reform in the financial sector, which has endured a great deal of reputation damage and criticism over the last few years following a string of scandals and misdemeanours.
Assessing the efficacy and seriousness of risk management within banks and other financial companies will help ensure that problems of this kind do not occur as regularly in the future, the IIA claimed.
"Internal audit planning should therefore be risk-based enabling internal audit to at least annually provide an assessment of the overall effectiveness of the governance, risk and control framework of the organisation," it added.
The new code produced by the IIA and others also stresses the importance of interacting with other internal assurance providers to ensure risk management, compliance and finance are also being dealt with effectively - however, internal auditors should be independent from these areas and not become responsible for them.
Banks are likely to be especially engaged with internal audit provision over the coming years, given the way it moves beyond external audit's aims to look at wider issues such as reputation, expansion, employee retention and environmental impact.
Given the flack they have taken from the media and many sectors of the public recently, it is crucial financial services organisations put measures in place to help them regain the trust of their customers over the coming years.
If the IIA is correct, following its new guidelines will help auditors identify the most important areas to focus on when it comes to improving best practice across the sector as a whole.
Signup to receive the latest discipline specific articles
Related jobs
Salary:
£65,000 - £73,000 per annum + Excellent Benefits Package
Location:
Manchester, Greater Manchester
Industry
Consumer & Retail
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£70,000 - £80,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Exciting Group Reporting Finance Manager for a leading retail organisation based in Manchester offering hybrid working paying circa £70,000.
Reference
BBBH184314
Expiry Date
01/01/01
Author
Nathan JonesAuthor
Nathan JonesSalary:
£100,000 - £120,000 per annum + bonus and benefits
Location:
Crawley, West Sussex
Industry
Business Services
Qualification
Fully qualified
Market
Executive Search
Salary
£100,000 - £125,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is working with a rapidly growing PE-backed buy-and-build B2B business
Reference
TA 3428
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£160,000 - £180,000 per annum + Equity, Bonus and Benefits
Location:
North West England
Industry
Education
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is currently working with a PE-Backed Education Business seeking an experienced CFO
Reference
TA 3427
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
Equity, Bonus and Benefits
Location:
London
Industry
Healthcare
Qualification
Fully qualified
Market
Executive Search
Salary
£125,000 - £175,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is partnering with a dynamic, PE-backed Multisite Healthcare Services business to recruit a CFO.
Reference
TA 3426
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£400 - £475 per day
Location:
London
Industry
Private Equity
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£350 - £450
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
PE-backed SME seeks Interim Financial Controller for financial ops & strategic planning. Strong data analysis & PE experience required.
Reference
BBBH183888
Expiry Date
01/01/01
Author
Jaden AlieAuthor
Jaden AlieSalary:
Negotiable
Location:
Horsham, West Sussex
Industry
Technology
Qualification
None specified
Market
Commerce & Industry
Salary
£60,000 - £70,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Our high growth client in the tech/SAAS industry are looking for a new Transactional Finance Manager to join their finance team.
Reference
129384
Expiry Date
01/01/01
Author
Harry LathamAuthor
Harry LathamSalary:
Up to £45,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£40,000 - £50,000
Job Discipline
Tax
Contract Type:
Permanent
Description
.
Reference
BBBH184306
Expiry Date
01/01/01
Author
Aleksandra TaranovskajaAuthor
Aleksandra TaranovskajaSalary:
£30,000 - £32,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
None specified
Market
Commerce & Industry
Salary
£30,000 - £35,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Credit Controller in Leeds
Reference
BBBH184266
Expiry Date
01/01/01
Author
Cameron WalshAuthor
Cameron WalshSalary:
€100,000 - €110,000 per annum
Location:
Dublin City Centre, Dublin
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£80,000 - £100,000
Job Discipline
Project & Programme Management
Contract Type:
Permanent
Description
Programme Director - Financial Services - Dublin
Reference
BBBH183758
Expiry Date
01/01/01
Author
Cillian McevoyAuthor
Cillian McevoySalary:
€70,000 - €85,000 per annum
Location:
Dublin City Centre, Dublin
Industry
Business Services
Qualification
None specified
Market
Commerce & Industry
Salary
£70,000 - £80,000
Job Discipline
Change Management
Contract Type:
Permanent
Description
Financial Services Strategy Consulting Manager- Dublin
Reference
BBBH182070
Expiry Date
01/01/01
Author
Cillian McevoyAuthor
Cillian Mcevoy