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Audit Function Management

AFM20 – Financial Services Code of Conduct Self Assessment

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About this template

In January 2021, the Chartered Institute of Internal Auditors released its revised Code of Practice for internal audit departments in the financial services sector. The Code aims to enhance the overall effectiveness of internal audit, and its impact, within organisations.

Whilst the Code is voluntary, it does help set the benchmark and is a good standard for internal audit functions to assess themselves by. This Code should be considered alongside the current International Standards for the Professional Practice of Internal Auditing (‘the IIA Standards’).

This template provides an Excel version of the Code of Practice to assist audit functions in undertaking their self assessment.

Why use this template

This template provides a quick and easy tool for internal audit functions to use when assessing how they currently meet the requirements of the Internal Audit Financial Services Code of Practice. The template has also built in a ratings tool and dashboard, aimed to simplify and show audit departments and audit committees areas of the Code which we have self-assessed as potentially requiring more focus.

When to use this template

This template can be used by any audit function wish to assess their compliance against the voluntary Code. Better practice would suggest that those applying the Code perform an annual assessment over their compliance.

Things to be careful about

This template is a guide only and may not be suitable for your audit function. Care should be taken to review the rating methodology and level of compliance options as these may need to be amended to suit your audit function and your organisation. No reliance should be placed on this tool or the results. Results should be verified independently before being communicated either internally or externally to the business.

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