Independent Audit

Independent audits are third-party evaluations of AI systems, processes, and governance structures conducted by external organizations without financial or operational ties to the audited entity. These audits are critical for enterprise AI governance because they provide objective assessments of compliance with regulations, ethical standards, and internal policies while identifying blind spots that internal teams may miss. For regulated industries, independent audits often serve as evidence of due diligence and can significantly reduce legal and reputational risk by verifying that AI systems operate safely, fairly, and within established guidelines.

1 item

ResearchUK2026-07-17

UK FCA Mills Review Mandates Independent Annual AI Safety Audits with Attorney General Enforcement and Public Disclosure

The UK Financial Conduct Authority published the Mills Review on July 6, 2026, requiring companies to submit existing AI safety plans to independent annual auditors and disclose the results publicly. The review sets no new substantive safety standards but enforces transparency and validation of plans already in place. Non-compliance exposes firms to Attorney General action, making this a legal enforcement mechanism rather than a soft guidance instrument.

FCA UK regulation independent audit safety plans public disclosure financial services audit requirements enforcement