
2025 looks to be a landmark year for the Internal Audit profession. New Global Internal Audit Standards and Internal Audit Code come into force in January providing a clearer structure to the professional guidance and raising expectations of Internal Auditors and the Audit Committees that they report to.
For UK listed companies, the new Corporate Governance Code needs to be to be addressed with implementation of the main provisions required from 1 January 2025.
The UK election brought a change of Government but no change in the direction of travel for corporate governance reform. Further legislation is expected over the coming years which is likely to extend the scope and rigour of corporate governance requirements. The publication of guidance by the Home Office in relation to the failure to prevent fraud offence only adds to the pressure.
This gives organisations only nine months to develop and implement the required fraud prevention procedures.
More generally, technological, economic, political and social changes are driving shifts to business models with considerable investment being made to transform delivery and operating models. Cyber, privacy and digital transformation risks are understandably high on the Audit Committee agenda. Artificial Intelligence presents opportunities for significant efficiencies and changes to working practices.
This comes with heightened risks such as data loss and fraud, and organisations need to ensure that the widespread deployment of AI is mitigated by sound governance and control frameworks.
Internal Audit has a key role to play in supporting organisations as they grapple with these challenges.
The new document from BDO explores the variety of issues that should be considered when thinking about the wider risks relevant to your organisation, and highlights the technical skills required to deliver meaningful assurance, providing essential insights for anyone involved in Internal Audit systems.
Learn More:
Follow the link here to download the full report.
About BDO:
BDO's global network of public accounting, tax and advisory firms operates in 166 countries, offering innovative and flexible solutions to help businesses in all sectors navigate the challenges they face. They provide support with a proactive approach that emphasises responsibility, integrity, and collaboration. NEDA are proud to be working in partnership with BDO.