The Institute of Internal Auditors (IIA)
Standard 1312, “requires every internal audit department to have an external quality assessment at least once every five years by a qualified independent reviewer from outside the organization”.
Qualified Audit Partners accompanies your organisation in the assessment of the internal audit functions. The Quality Assessment Review consists at least of the following stages:
1. Preparatory phase
Basen on a preliminary review of the documentation and initial interviews with the Audit management, the preparatory phase has the following objectives:
- the organisation and the resources of the internal audit department;
- the regulatory requirement specific to the organisation, and the quality objectives defined by the management ot the Audit department;
- the different stakeholders of the Internal Audit department (General Management, Executive Committee, Audit Committee...);
- Perform an initial assessment on the documents from the Internal Audit department;
- Indentify the persons to meet within and outside of the audit department, as well as the assignments that will be reviewed for compliance with the audit standards;
- Prepare the preliminary enquiries that will be dispatched to the internal auditors and to a customer panel;
- Establish the review planning, by setting the interviews with the different stakeholders;
- Preparer the questions as basis for the interviews;
- Prepare the kick-off meeting
2. Field work
The fieldwork can take one to two weeks. A kickoff meeting gives the opportunity to explain the scope and the objectives of the Quality Assessment Review, to specify the used framework, to present the quality assessment team and to confirm the interview planning.
The conclusions contains recommendations to respond to the findings.