Half of all Chief Internal Auditors are now employed at executive management level in their businesses, at a rank equivalent to CFO, according to a survey from the Chartered Institute of Internal Auditors (Chartered IIA).
This is an increase from 19% in 2013, when the Chartered IIA published its Financial Services Code which was launched with the objective of raising the scope and status of internal audit in the financial services sector.
The survey also found that more resources are being spent on internal audit teams. Since 2015 there has been a 30% rise in the number of internal audit teams reporting their staff numbers had increased, from 40% to 52%.
More audit committee chairs are also now responsible for recruitment, management, and budget of internal audit teams.
Chartered IIA interim chief executive John Wood said: “This survey shows our Financial Services Code is making a real difference to the status and influence of internal audit since its launch six years ago. There has been a 163% increase in the number of Chief Internal Auditors working in roles equivalent to executive management since the Financial Services Code was launched. And staff numbers have risen in over half (52%) of internal audit teams in financial services.
“We now want our new Internal Audit Code of Practice to achieve the same success as the Financial Services Code to help more businesses better manage the risks they face."