09.04.19
CIPFA publishes new guidance for public sector internal audit to cope with ‘growing levels of financial risk’
CIPFA has issued fresh guidance for internal audit in the public sector in order to contend with “restricted resources and growing levels of financial risk.”
The new guidance calls on the public sector to provide the required support and recognition for the heads of internal audit and their teams, and present best practice guidance for the internal auditors, leadership teams and audit committees to support its effectiveness.
‘The role of the head of internal audit’ sets out five key principles aligned with the UK Public Sector Internal Audit Standards (PSIAS) and sets out an individual and organisation’s responsibilities.
Rob Whiteman, CIPFA CEO, said: “The time is right for a refreshed CIPFA statement setting out best practice for the head of internal audit role.
“Heads of Internal Audit across the whole public sector are working in increasingly high-pressure environments, contending with restricted resources and growing levels of financial risk.
“While many organisations are already doing a great job in this space, it’s crucial that Heads of Internal Audit and their teams are given the tools they need to provide quality assurance to their organisations.”
CIPFA declared that public sector bodies must ensure their head of internal audit is “professionally qualified and suitably experienced” so they can “lead and direct internal audit services that is resourced to be fit for purpose.”
It also stressed that these heads “must be a senior manager with regular and open engagement across the organisation, particularly with the leadership team and audit committee.”
CIPFA has also launched a collection of case studies showing the councils and other public sector bodies leading the way with innovative solutions to provide better support and assurance to their clients.