AFB Practice Roundtable: IIA Global Internal Audit Standards and the CIIA Code of Practice – Implementation for non-UK Banks

Nine months after the introduction of the IIA Global Internal Audit Standards and the CIIA Code of Practice, AFB is convening an in-person roundtable discussion in partnership with BDO to explore how firms are interpreting and managing the new standards.

Drawing on their experience in the financial services sector, BDO will share best practice and lessons learned from recent EQA reviews and co-sourced internal audit engagements under the new Standards and Code of Practice.

We are grateful to AFB member firm, Commerzbank, for hosting this roundtable.

Why attend?

Running an efficient and effective internal audit function requires technical skills, time, and a network of peer functions to help benchmark performance on the areas that matter. This is particularly challenging for third-line teams in smaller and medium-sized firms where the depth and breadth of technical skills can be limited.

This roundtable will focus on how smaller, foreign-owned banks are adapting to these changes and address specific questions, such as how internal audit reports to the audit committee on applying the Code’s principles (A3) and conducting periodic external quality assessments (EQA) (G34).

There will be opportunities for discussion and for you to ask questions throughout the presentation. AFB will circulate an agenda and series of questions to attendees in advance which will be used to aid discussions.

The Chatham House Rule will apply to this event to encourage open dialogue and discussion.

There will be refreshments and networking from 15:30 before the roundtable discussion commences at 16:00.

Please note that capacity for the roundtable is limited to 30 members and one person per member bank. 

Who should attend?

The roundtable is aimed at representatives from Internal Audit functions.

Facilitator

Bruk Woldegabreil, Director

Bruk leads the Quality, Risk and Technical practice for BDO’s Financial Services Advisory business. He specialises in providing internal audit, external quality assessments (EQA) and internal audit consulting services, with strong knowledge of the International Professional Practices Framework (IPPF) by the Institute of Internal Auditors (IIA) through his experience implementing and enhancing internal audit methodology and professional practices.

Bruk has led EQAs for internal audit functions within financial services of varying sizes and complexities. He previously co-chaired the Heads of Internal Audit Committee for AFB member banks over several years to support Chief Auditors in developing methodology, tools and good practice guidance to align with the CIIA FS Code, FCA and PRA regulatory expectations for Internal Audit functions.

Logistics

Fee:        Included in AFB membership (no fee)

Format:    In person at Commerzbank, 30 Gresham Street, EC2V 7PG

Date:        Wednesday 22 October 2025

Time:       16:00 – 17:30 (arrivals and refreshments from 15:30)

If you would like to submit any questions or have any specific areas that you would like the session to address, please email secretariat@foreignbanks.org.uk. You will receive the joining instructions for this in-person roundtable a week before the event.