Internal Audit

New guidance for academy schools on internal scrutiny

The new Academies Financial Handbook makes a number of changes to strengthen internal scrutiny within the sector.

May is Internal Audit Awareness Month, and we want to raise awareness by trying to explain what internal audit is and what it does. In this A-Z, we've listed a word or phrase for every letter of the alphabet from the world of internal audit. Hopefully this provides an insight into the profession, and explains some of the jargon commonly used!

It’s Internal Audit Awareness Month! Yes, they really do get a whole month. Normally, May would be the month of great relief for our internal auditors, as it means that ‘year end’ has finished. As we all know, this year things have been a little bit different. 

We’re aiming to raise awareness of internal audit through a series of posts exploring what audit is, where it came from and why it’s important. 

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Scarborough Borough Council is set to join the Veritau group. Veritau provides internal audit, counter fraud, information governance and risk management services to over 500 public sector clients.

Everyone is living in an increasingly digital world. For councils, schools and other organisations, this means:

As part of a series debunking internal audit terminology, we're looking at the three lines of defence. 

The third line of defence is defined by the Chartered Institute of Internal Auditors as functions providing independent assurance - "above all internal audit". 

Examples of providers of independent assurance include:

As part of a series debunking internal audit terminology, we're looking at the three lines of defence.

The Chartered Institute of Internal Auditors defines the second line of defence as functions overseeing, or specialising in, compliance and risk management.

Debunking terminology: the three lines of defence in internal audit

As internal auditors, we can be guilty of using our own specialist terminology. To those outside the field can be seen as technical jargon. Over a series of short articles we’re be attempting to debunk one of the most important audit ideas – the three lines of defence. 

As part of a series debunking internal audit terminology, we're looking at the three lines of defence. 

The third line defence is defined by the Chartered Institute of Internal Auditors defines the first line of defence as "functions that own and manage risk". Ensuring that the first line is functioning effectively and efficiently is vital to prevent or reduce the likelihood that things will go wrong for an organisation.