Internal Audit Code of Practice | Guidance
Guidance on Effective Internal Audit Practices
The updated Internal Audit Code of Practice, effective from January 2025, aims to elevate the effectiveness and impact of internal audit functions within organisations across the financial services, private, and third sectors in the UK and Ireland.
The Code’s principles serve as a benchmark for best practices, providing a framework against which organisations can evaluate their internal audit functions. While the Code is principles-based, it is intended to be applied proportionately, considering the size, risk profile, and internal organisation of each entity, as well as the nature, scope, and complexity of its operations. Smaller organisations should apply these principles with these factors in mind.
Relevant guidance
Fully understanding how to practically implement each of the Code’s 37 principles requires cross-referencing with our comprehensive technical guidance. The following pieces of technical guidance are particularly relevant in supporting the Code’s implementation:
Internal Audit Charter and Mandate [Global IIA resource]
Harnessing the Potential of Internal Audit
Providing ethical assurance to boards
Climate change and environmental impact
Climate financial risk auditing
Auditing climate data and reporting
Well-being of future generations
How to Audit Diversity, Equity and Inclusion
Well-being of future generations
CSR: Auditing social commitments