To ensure compliance with an organization ' s code of conduct, the chief audit executive should act as an advisor to the committee responsible for reviewing violations of the code. This role allows the CAE to contribute expertise and oversight without directly managing the process, which helps maintain the necessary independence and objectivity of the internal audit function.
IIA guidance on the role of the internal audit in governance, particularly relating to compliance with codes of conduct.

The appropriate role for the internal audit activity is assisting the organization in maintaining effective controls. The internal audit function provides an independent and objective assessment of whether the organization's risk management, control, and governance processes are adequate and functioning effectively.
Implementing new controls or ensuring key risks are managed falls outside the typical scope of internal audit responsibilities, which are primarily advisory and evaluative, not operational.
Institute of Internal Auditors (IIA) - International Professional Practices Framework (IPPF)

An effective risk management process is indicated by the organization's ability to identify and adequately assess significant risks. This involves understanding the full range of potential risks the organization faces and evaluating their magnitude and likelihood in a way that aligns with the organization's risk appetite and capacity. This ability ensures that strategic decisions are informed and that risks are managed proactively.
References: COSO Framework on Enterprise Risk Management, which outlines the importance of identifying and assessing risks in relation to an organization's objectives.

Considering the possibility of noncompliance or irregularities at all times during an engagement best demonstrates an internal auditor's due professional care. This proactive approach to skepticism ensures that the auditor remains vigilant and prepared to identify any indications of noncompliance or irregular activities, which is central to upholding the integrity of the audit process.
IIA standards on due professional care, which emphasize the importance of maintaining an attitude of professional skepticism throughout the audit process.

One of the roles of internal audit is to provide assurance on the effectiveness of risk management processes. Internal audit can contribute to the organization's risk assessment process by reviewing how key risks are identified, measured, monitored, and reported by the first and second lines of defense. Internal audit can also provide recommendations for improving the risk reporting process and ensuring that it aligns with the organization's objectives and risk appetite.
Additional Information:
The first line of defense is the operational management, who owns and manages the risks. The second line of defense is the risk management and compliance functions. The third line of defense is the internal audit function. Risk reporting is the process of communicating relevant and timely information about the organization's risks to the stakeholders. The organization's risk appetite is the amount and type of risk that it is willing to accept in pursuit of its objectives.