The Chartered Institute of Internal Auditors has today published a new code to increase the effectiveness of internal audit functions. The Internal Audit Code of Practice (which can be downloaded here) will strengthen corporate governance following a series of high-profile collapses linked to governance deficiencies, including Carillion.
The Chartered Institute says the new code aims to increase the status, scope and skills of internal audit and makes 38 recommendations for businesses including:
Unrestricted access for internal audit so it is not stopped from looking at any part of the organisation it serves and key management information.
The right to attend and observe executive committee meetings.