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Ryan Buckner and Schellman, this is a great Sunday read for those in the internal audit community. The UKs Chartered Institute of Internal Auditors has released ‘Internal Audit Code of Practice Principles on effective internal audit in the financial services, private and third sectors’, that will become effective January 2025.
Faisal Khan the CoP reaffirms the purpose, scope, priorities, roles and responsibilities of internal. Coming at a time when the public and private sector faces significant changes to corporate governance, oversight and assurance, digitial, AI and cybersecurity. Amongst other things their effects on shareholders, financial performance and corporate stability.
In ones opinion internal audit is pivotal in assuring corporate stability and resilience. Internal audit provided independent assurance of corporate performance, risk management and resilience to the management committee and board of directors. Assurance that is critical to companies covered by cybersecurity regulation; those who consider the effects of ICT risks on their corporate performance; those concerned about the effects of cybersecurity risk transfer, and the increasing insurance coverage gap.
One recommends reading ‘Chapter A. Purpose and mandate of internal audit’. It defines a clear purpose for internal audit in effectively discharging its mandate. A mandate aiming to reenforce the role of internal audit in the board room. Which is critical to regulatory compliance and the 3 Lines of Defense. A mandate Veritas GRC has enshrined in our board cybersecurity risk management programs working with colleagues Schellman and U.S legal colleagues.
One suspects those in the internal audit profession in the UK will be tested on the CoP in due course.
@Thaddeus Dziekanowski Brian D. McCarthy Rachel V. Rose, JD, MBA Pascale Vandenbussche
ECIIA | European Confederation of Institutes of Internal Auditing
#cybersecurity #cyberriskmanagement #internalaudit
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