Compliance teams should expect more support from their organization’s internal audit functions. That is the clear message from the Institute of Internal Auditors (IIA), the global body of national affiliated internal audit institutes, which has just put into action its new Global Internal Audit Standards (GIAS).
As regulations become ever more complex and risks associated with compliance grow accordingly–both in terms of penalties for infringements and reputational damage–compliance has become a significant risk that is rising steadily up the internal audit agenda. The IIA is therefore focusing on how internal audit can ally with operational teams, providing assurance that risks are being managed in line with risk appetite and providing advice on controls and emerging risks.
