Brexit hub

Navigate the changes ahead – with support from the Chartered IIA

With the UK scheduled to leave the EU in March 2019, organisations need to ensure they understand how their business could be impacted and put plans in place to manage this risk where necessary. Internal auditors have an important strategic role to play in helping organisations prepare for the changes and manage the risks and opportunities ahead.

For our part, the institute will continue to offer support and guidance to our members to help you get to grips with the challenges that emerge. We will be reviewing and updating our guidance, where appropriate, and conducting research into how organisations are adapting to the changes. 

Here in the Brexit hub you'll find links to all the institute's Brexit related content. We will be adding new material all the time, so why not bookmark this page.

Internal audit Brexit preparedness

With the UK committed to leaving the  European Union in March 2019, organisations need to ensure they understand how their business will be impacted and put plans in place to manage or mitigate this where necessary.

The Chartered IIA has attempted to provide an overview of organisations’ preparedness for Brexit, the practicalities of undertaking scenario planning , the key risks associated with Brexit, sharing lessons learnt, and the role of internal audit in assisting the organisation to prepare for this potentially disruptive event.

The report itself is based on a survey of Chief Audit Executives across the UK to understand their responses and preparedness for Brexit, along with six in-depth case studies to share best practice. In total almost 100 Chief Audit Executives participated in the research.

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Brexit articles in Audit & Risk magazine

Brexit: 'starter for 10 or 11' for internal audit to consider NOW 
Are you prepared for Brexit? Key questions to ask yourself?

Is your internal audit team ready for Brexit?
We are fast approaching 2019 and a new audit year. Is Brexit on your audit plan?

Katya Adler: why internal auditors should follow the Brexit negotiations
Kayta Adler explains why UK businesses should pay attention to the political aspects of Brexit and why we should prepare for a prolonged period of uncertainty about what the political and business landscape will look like after the divorce.

Fewer than a third of businesses have Brexit plans
According to an ICAEW report, two thirds of businesses have not made any plans yet for Brexit.

Vince Cable on Trump, Brexit and uncertainty
Sir Vince Cable discusses Donald Trump, Brexit, the role of economists in forecasting the future and how to deal with global uncertainty

Demand for internal auditors remains strong despite article 50
81 per cent of heads of internal audit expect to recruit in 2017.

Trump and Brexit: lessons in risk
Internal auditors cannot afford to get caught up in the heat of the moment – we must remain objective, says Richard Chambers, CEO of IIA Global. 

Deal with Brexit uncertainty now to get ahead in future
Address these risks now to protect your organisation from repercussions caused by the Brexit negotiations in the short- and long-term future.

ACCA survey finds UK business confidence steady after Brexit vote
Fears that the vote to leave the EU could affect the global economy have not been realised and confidence among UK businesses is holding up. 

CEOs plan post-Brexit relocations
A survey of CEOs of large companies shows that it has made many look at contingency plans that include relocating operations or headquarters into EU countries.

Brexit: into the void
Businesses are seeking clarity on the implications of Brexit and how best to proceed. In this climate of uncertainty it’s time for internal audit to step up to the plate.

Supply chain risks rise following Brexit vote
Uncertainty surrounding the Brexit vote and ensuing currency volatility are to blame, according to a CIPS survey.

Unlocking working capital is key to growth
PwC estimates that there is an opportunity to release £28bn currently tied up in working capital, money that companies can invest in growing their business as the economy slows.

British businesses more cautious on hiring post-Brexit
The proportion of employers expecting to increase staff over the next three months dropped by four percentage points following the Brexit vote.

Shortage of risk professional anticipated
A recent survey shows hiring managers expect the Brexit vote to magnify a shortage of risk professionals.

Preparing for the unknown 
We weigh up the considerations that businesses and their internal audit functions should be making as Britain prepares its split from the EU.

Cost of recruiting EU nationals could rise
If the UK repeals exemptions for European Economic Area nationals, businesses will have to meet additional charges which will make hiring European candidates more costly. 

Updated member guidance 

Until the UK's eventual exit from the EU, British companies will continue to be bound by EU law and affected by policy decisions made in Brussels. But, internal auditors must now consider which aspects of their organisations will be impacted by the changes. Our guidance can help.

Data protection
A new EU directive will come into force in May 2018. How will this impact your organisation following the result of the UK's referendum to leave the EU?