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INSIGHT – Turnbull.

The Institute of Internal Auditors has warned that the Turnbull consultation paper on internal controls may leave internal auditors as being “solely responsible” for providing boards with the necessary assurance to comply with the code. “This is clearly wrong,” the IIA says. The draft “fails to differentiate internal audit’s role as providing ‘independent’ assurance from management’s responsibility to prove the primary assurance.” KPMG’s head of audit, Ted Awty, says that the Turnbull draft “lacks guidance for the large number of companies that are not at the forefront of corporate governance.”

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