The 2017 revisions to the Chartered Institute of Internal Auditors (CIIA)’s Financial Services (FS) Code are welcomed by PwC as we recognise that the amendments make good sense for the profession.
Whilst the changes are not significant, they do raise the bar in certain areas - such as independence and reporting to the Board - and help to clarify certain areas of ambiguity. Over the last year, we have seen the regulators take an increasing interest in the standards to which Internal Audit functions in Financial Services are held.
Firms should be prepared to take action to ensure conformance with FS Code as a minimum, with a view to going beyond their requirements, in order to keep pace with peers and the expectations of regulators. Please download the document to view what's changed and what you should do about it.