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The Modern Slavery Act: Actions for internal audit

Author: ICAEW

Published: 12 Feb 2021

Under the Modern Slavery Act 2015 some organisations are required to prepare a section 54 Transparency in Supply Chains Statement. This guide explains the role of the organisation’s internal audit function, and where there is no such function, best practice for management to ensure all risks to the business have been assessed and the relevant controls are in place.

This guide has been compiled by ICAEW’s Business and Management Faculty and Business Law Department and is for internal auditors to assess whether the organisation has taken sufficient steps to address potential financial, regulatory, reputational, operational or strategic risk arising from the organisation’s supply chain. It is aimed primarily at those organisations who are required to complete a s54 statement. Where an organisation does not have an internal audit function (or voluntarily prepares a s54 statement) the principles and actions outlined in this guide can be adopted by the management team to ensure best practice.

Other guides in the series provide more detailed advice on the legislation itself and its requirements as well as advice on how draft a statement and spot modern slavery in supply chains, and are available on our modern slavery hub.

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The guide does not constitute legal advice and if in doubt members are advised to seek independent legal advice.