New UK internal auditor code seen needed to restore credibility

Internal auditors, slammed by regulators for failing to spot how banks were rigging the Libor benchmark, should report directly to the board and have enough resources to do the job, a British industry body said on Monday.

Internal auditors are employed by companies but are not directly regulated and have become discredited due to a string of banking scandals.

The Chartered Institute of Internal Auditors’ draft code, written in consultation with the Bank of England and the Financial Services Authority (FSA), goes out to public consultation until mid-April.

via Business feed http://www.scmp.com/business/companies/article/1147867/new-uk-internal-auditor-code-seen-needed-restore-credibility