The ECIIA has worked hard over the last twelve months to promote the value of internal audit in European corporate governance, as detailed in its Activity report 2014.
One of ECIIA’s key messages has been that good coordination between internal and external audit adds real value and increases the effectiveness of corporate governance. It published its position paper Improving cooperation between internal and external audit during the year to illustrate best practice in this area.
It explored this theme further with the European Organisation of Supreme Audit Institutions (EUROSAI) in a joint study on better cooperation between internal auditors and supreme audit institutions
With audit reform on the agenda of the European Commission, ECIIA was involved in thought leadership activities too. For example, it organised a round table discussion on the topic at the European Parliament. MEP Sajjad Karim and Nathalie Berger, Head of Unit Audit and Credit Rating Agencies at DG Market explored the implications of the reform. Its annual conference in Vienna brought over 550 internal auditors from Europe and around the globe to discuss how European Governance reform could reshape their role and purpose.
ECIIA had regular meetings with the European Insurance and Occupational Pensions Authority (EIOPA) to review the impact of Solvency II and the role of internal audit; and it reinforced its collaboration with EUROSAI by signing a new agreement with them on 19 June 2014 in The Hague.
“Twenty-fourteen was a busy year for us, but 2015 promises to be even more important,” Thijs Smit, ECIIA President says. “We will continue to represent the profession, ensuring that the role of internal audit and best practice are properly understood and taken into consideration.”
For the full report, click here.