Agenda item

Report of the Chamberlain.

The Committee received a report of the Chamberlain concerning an overview of the standards and relevant information to aid the Committee in supporting the transition to the new standards

The following points were noted:

• Officers noted the report provided an overview of the key information that the Committee needed to be aware of in relation to the new standards.
• It referenced wider reading and notes that there would likely be more specific training provided.
• The London Heads of Audit Group were currently working together on this, and updates would be provided in due course.
• The revised public sector internal audit standards were being developed, with timing to be confirmed.
• The new standards were expected to confirm some of the anticipated adaptations.
• The Committee discussed the feasibility of the internal audit team reviewing the standards and identifying any necessary changes.
• The Institute of Internal Auditors was putting together a tool or framework to support internal audit functions in understanding what needs to be done differently.
• The tool was expected to be released by the November committee meeting.
• The Committee agreed to receive an update at the next meeting and a gap analysis paper at the November meeting to identify any changes needed before the January 2025 deadline.