New City code to crack down on scandals - Telegraph.co.uk

"The new code is an important contribution to strengthening internal audit's role in improving the management of risk, in response to the financial crisis and more recent examples of failure to exercise proper control," Mr Marshall said.

The code was designed to build on guidance recently issued by the Basel Committee, which represents the central banks of the world's 10 largest economies, and the US Federal Reserve Bank.

However, it has been designed to take account of the UK corporate governance system and of the size and complexity of financial institutions in the UK, CIIA said.