PracticeConsultingScots boost for Internal audit institute

Scots boost for Internal audit institute

The Royal Bank of Scotland has given the Institute of Internal Auditors a major boost by signing up its 235 group internal audit staff - the biggest single enrolment in the institute's history.

Richard Gossage, head of group internal audit at the bank, said the arrangement, announced last week, would underpin the professionalism of the internal audit team and provide opportunities for staff in knowledge sharing, training and networking.

‘We are very confident we can contribute to the profile and voice of the institute and collectively we can work together to influence the development of internal auditing in the global market,’ he said.

The move will allow the bank’s staff access to the institute’s knowledge centre and IT courses, among other benefits.

Officials said the decision of indicative of the growing importance of the IIA as the nation’s leading authority on risk management.

Gail Easterbrook, IIA chief executive, said: ‘The Royal Bank of Scotland’s decision to register its entire group internal audit function as members of the IIA is a tremendous endorsement.’

The announcement comes in the wake of the publication of a report by Arthur Andersen this week which found there is an alarming shortage of IT internal auditors.

Despite projections that the IT internal audit function will double over the next three years, almost half of UK heads of internal audit at FTSE 350 companies say they have inadequate levels of IT audit skills to meet their business needs, according to the survey.

A growing number of companies are choosing to outsource their internal audit functions, including ICI, the pharmaceuticals giant, and Scottish Widows, the life and pensions group.

The issue of internal audit has been pushed further up the corporate agenda following the publication of the Turnbull report which highlights the importance of proactive risk management.

Links

Institute of Internal Auditors

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