AN INDUSTRY-LED committee created by the Chartered Institute of Internal Auditors (IIA) will be formed to guide internal auditors looking to manage banks and other financial institutions’ risk.
The new committee will be led by former PwC partner and financial services auditor Roger Marshall (pictured).
Also director of the Financial Reporting Council and chairman of its accounting council, Marshall led the audits of major financial institutions including Lloyds TSB and Zurich Financial Services while at PwC. He is also a non-executive director at Old Mutual.
Other committee members will include another banking sector non-executive director, a finance director, chief risk officer, an academic, three heads of internal audit from across the banking and insurance sector, and observers from the FSA and the Bank of England. The committee will call for early views when it begins its work in September.
“Our aim is to balance the interests of executives, boards and regulators in addressing the challenge of improving internal audit’s contribution to how risk is managed in banks and other financial institutions,” said Marshall.
The IIA’s own standards will form the basis of the new guidance.
IIA chief executive Dr Ian Peters said: “The standards are framed as high level principles, which enable room for interpretation within global territories and business sectors. The new committee will take these standards as their starting point and create guidance on their interpretation which all internal audit’s stakeholders agree is appropriate for the sector.”
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