ECIIA publishes paper on Internal Audit reliance strategy
The European Confederation of Institutes of Internal Auditing (ECIIA) has published a new paper, Internal Audit Reliance Strategy in the Banking Industry. Developed by the ECIIA Banking Committee, the paper examines how Internal Audit functions in banks can develop a structured reliance strategy while maintaining their independence and accountability.
The publication responds to the growing focus on coordinated assurance within financial institutions and explores how Internal Audit may rely on the work of other assurance providers, including second line functions, without compromising its own responsibilities. It discusses the opportunities, prerequisites and governance considerations involved in implementing a reliance strategy.
The paper also considers the regulatory environment for European banks, including the Global Internal Audit Standards, the EBA Guidelines on Internal Governance and supervisory expectations from the European Central Bank. It emphasises that reliance is not a standardised approach, but a strategic decision that should reflect each institution's governance, risk management framework and level of maturity.
Among the topics covered are:
- the role of reliance within Internal Audit processes;
- identifying suitable internal and external assurance providers;
- prerequisites for applying reliance, including independence, competence and quality assessment;
- governance, documentation and oversight requirements;
- organisational enablers that support reliance;
- the impact of data analytics, AI and emerging technologies on reliance strategies;
- a roadmap to support implementation and decision-making.
The publication is particularly relevant for Chief Audit Executives, Internal Audit leaders and governance professionals working in the banking sector who are considering how reliance can contribute to a coordinated assurance approach while preserving the independence of the Internal Audit function.
Download the publication
ECIIA Banking Committee – Internal Audit Reliance Strategy in the Banking Industry
