New guide to Turnbull
The English ICA Audit Faculty this week published a booklet on internal audit and risk management to encourage senior managers not to wait until the eleventh hour to implement Turnbull.
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.’