Just six months before the Turnbull report’s recommendation on internal audit become mandatory, only around 13% of companies are fully compliant.
Although non-compliance will not lead to sanctions, the Financial Services Authority will demand disclosure on whether companies do comply with Turnbull.
The institute’s new booklet Risk Management and the value added by Internal Audit aims to stimulate debate and kick-start organisations into focusing on the benefits of internal audit.
David Brilliant who chaired the Faculty’s Internal Audit Committee, which produced the booklet, said: ‘Internal audit plays a vital role in today’s business environment where an organisation’s response to rapid change is key to its success. Turnbull is restating motherhood and apple pie.’
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Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel