White Paper - Financial Services Focus on Internal Auditing Standards

Whitepaper

This is a members only resource.

Please login to access.

Author

Bruce Turner AM
CRMA, CGAP, CISA, CFE, PFIIA, FFin, FFA, FIPA, FIML, MAICD, JP

Date

2023

Topics Explored

Internal Audit, Financial Services

Format

White Paper

Extract/Description

Internal auditors have a crucial role to play in strengthening corporate governance. They are well-positioned to do so, and have the support of regulators.
Compliance with professional internal auditing standards, appropriately validated by quality assurance arrangements, helps to establish the credibility of internal audit.

Key Points

1. Throughout our daily lives, we rely on standards to underpin our health, wellbeing and quality of life.
2. Scandals across the Australian financial services sector over the last decade have caused significant reputational damage.
3. One-third of internal audit functions in the financial services sector do not conform with professional standards related to internal audit quality.
4. 94% of stakeholders believe there is value for them if internal auditors to conform to the standards.