THE internal audit departments that are meant to help banks and the like manage risks have gained much more clout in the last two years a survey has found.
The Chartered Institute of Internal Auditors said there had been real changes in the way financial services firms viewed such staff since it introduced a code for the sector in 2013. The survey of heads of internal audit found their teams had increased access to the boards and executives of the companies concerned. Some 93 per cent of respondents said they carried out audit work on risk culture, compared with 54 per cent in 2013.
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