Template - Internal Audit Code of Practice Self Assessment
About this template
In January 2020, the Chartered Institute of Internal Auditors released its Code of Practice. The Code aims to enhance the overall effectiveness of internal audit, and its impact, within organisations.
Whilst the Code is voluntary, it does help set the benchmark and is a good standard for internal audit functions to assess themselves by. This Code should be considered alongside the current International Standards for the Professional Practice of Internal Auditing (‘the IIA Standards’).
This template provides an Excel version of the Code of Practice to assist audit functions in undertaking their self assessment.
Why use this template
This template provides a quick and easy tool for internal audit functions to use when assessing how they currently meet the requirements of the Internal Audit Code of Practice. The template has also built in a ratings tool and dashboard, aimed to simplify and show audit departments and audit committees areas of the Code which we have self-assessed as potentially requiring more focus.
When to use this template
This template can be used by any audit function wish to assess their compliance against the voluntary Code. Better practice would suggest that those applying the Code perform an annual assessment over their compliance.
Things to be careful about
This template is a guide only and may not be suitable for your audit function. Care should be taken to review the rating methodology and level of compliance options as these may need to be amended to suit your audit function and your organisation. No reliance should be placed on this tool or the results. Results should be verified independently before being communicated either internally or externally to the business.
Internal Audit Code of Practice Self Assessment
The information contained in this template is of a general nature and is for information purposes only.
My Audit Spot assumes no responsibility for errors or omissions in the contents of the template and any assocaited information.
In no event shall My Audit Spot be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, arising out of or in connection with the use of the template or the contents of the template and any assocaited information. My Audit Spot reserves the right to make additions, deletions, or modifications to the contents on the template and any associated information at any time without prior notice.
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