The Institute of Internal Auditors (IIA) has released insightful papers on Internal Audit and Pandemics and Better Practice Guide for Financial Services Principles and Recommendations. The papers are good reference guides to the relevant internal audit practices to operate effectively in changing times.
IIA’s Factsheet Internal Audit and Pandemics
IIA released a factsheet to explain how internal audit can support organisations during pandemics. Business continuity becomes the key focus area around this time and whilst it is usually a part of the standard risk-based internal audit, it is time to assess the robustness and comprehensiveness of the business continuity plan.
The factsheet steps through avenues for internal audit to respond to pandemic risk which includes stepping back temporarily with respect to current internal audit plan and identifying high-risk high-priority issues particularly around business continuity and taking on a real-time control adviser role
IIA Internal Audit Better Practice Guide for Financial Services Principles and Recommendations
The paper sets out principles and recommendations for internal audit practices for financial services entities in Australia. It includes 31 specific recommendations of general application intended to give effect to these principles. There is also explanatory commentary, with further guidance on the recommendations.
Although the principles apply to financial service entities, they can be broadly applied to internal audit practices in other sectors. Further, the paper also provides guidance on how to adopt appropriate methodologies for auditing culture in practice.
The reports were published on 30 and 31 March 2020, respectively, by The Institute of Internal Auditors Australia.