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Sector wide audit standards launched

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The first public sector-wide internal audit standards have been issued by professional bodies.

Audit bodies said the aim of the standards was to strengthen public financial management and governance by having a unified code across central and local government from 1 April.

Chartered Institute of Internal Auditors chief executive Ian Peters said: “The new standards will help ensure that the spending of public money is fully held to account. 

“[They] point the way in building the capabilities of internal audit and harnessing its full value to help ensure effective corporate governance in the public sector.”

Chartered Institute of Public Finance and Accountancy’s chief executive, Steve Freer said, “As the public sector adapts to sustained reductions in funding, effective internal audit is more crucial than ever in ensuring transparency and accountability in the management of risk and internal control.”

The standards are based on international ones set by the Global Institute of internal Auditors and adapted to the UK public sector.

These will set higher expectations for the role and scope of internal audit and create a clearer basis for assessing the performance and development needs of internal audit teams, the institutes said.

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