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AFB Practice Roundtable: The New Global Internal Audit Standards – Impact on non-UK Banks

AFB is convening an in-person roundtable discussion for internal audit representatives to discuss the impact of the updated 2024 Global Internal Audit Standards from the Institute of Internal Auditors (IIA) and the revised draft Code of Practice from the Chartered Institute of Internal Auditors (CIIA).

The roundtable discussion will be facilitated by experts from BDO. BDO will also offer insights during the discussion on best practice and ‘lessons learned’ from BDO’s External Quality Assessment (EQA) and co-sourced internal audit engagements.

We are grateful to AFB member firm Commerzbank for agreeing to host this roundtable.

Why attend?

This year will be an exceptionally busy one for Internal Audit functions. As well as delivering an annual plan, there will be changes, to conform with the IIA Global Internal Audit Standards and the revised CIIA Code of Practice.

Running an efficient and effective internal audit function requires technical skills, time, and a network of peer functions to help benchmark performance on the areas that matter. This is particularly challenging for third-line teams in smaller and medium-sized firms where the depth and breadth of technical skills can be limited. This is further complicated by Group Audit requirements. The roundtable will explore the following:

  • What are the most significant changes in the new Standards and Code that IA functions in non-UK banks should plan for this year?
  • What are the key challenges in conforming to the new standards?
  • What are the most common findings from BDO’s EQA of internal audit functions?
  • What good practice has BDO observed from providing co-sourced IA services to the sector?

AFB will circulate an agenda and series of questions to attendees in advance which will be used to aid discussions. The Chatham House Rule will apply to this event to encourage open dialogue and discussion.

There will be refreshments and networking from 15:30 before the roundtable discussion commences at 16:00.

Please note that capacity for the roundtable is limited to 30 members and one person per member bank.

What will members gain for use at their bank?

Participants will gain insights into best practice and lessons learned from interactions with the Regulator. This includes the experience of internal audit functions that have faced significant regulatory and operational challenges.

Who should attend?

The Roundtable is aimed at representatives from Internal Audit functions.

Facilitator

Bruk Woldegabreil, Associate Director, Financial Services Advisory

Bruk is an Associate Director who leads the Quality, Risk and Technical practice for BDO’s Financial Services Advisory business.

He specialises in providing internal audit, external quality assessments (EQA) and internal audit consulting services, with strong knowledge of the International Professional Practices Framework (IPPF) by the Institute of Internal Auditors (IIA) through his experience implementing and enhancing internal audit methodology and professional practices.

Bruk has led EQAs for internal audit functions within financial services of varying sizes and complexities. He previously co-chaired the Heads of Internal Audit Committee for AFB member banks over several years to support Chief Auditors in developing methodology, tools and good practice guidance to align with the CIIA FS Code, FCA and PRA regulatory expectations for Internal Audit functions.

Logistics

Cost:        Included in AFB membership (no fee)

Format:    In person at Commerzbank, 30 Gresham Street, EC2V 7PG

Date:        Tuesday, 18 June 2024

Time:        16:00 – 17:30 (registration from 15:30)

If you would like to submit a question before or have any specific questions or areas that you would like the session to address, please email secretariat@foreignbanks.org.uk. You will receive the joining instructions for this in-person roundtable a week before the event.