Internal audit departments must have an external QA conducted by an independent team or independent validator every five years to comply with the Standards.
If you have not yet established a Quality Assurance and Improvement Program, a good first-step on the path to quality is to conduct an internal quality assessment. This will establish a benchmark of your internal audit activity that can be used to establish metrics. These metrics will indicate improvement in areas of partial compliance or noncompliance with the Standards
As the internal audit profession’s recognized authority, IIA, India is committed to improving internal audit activities. As evidence of this commitment, IIA, India offers external QA services to any organization wishing to go through the process in an effort to validate and/or strengthen its internal audit activity. The IIA, India not only organizes teams of qualified professionals to conduct external QAs for organizations requesting the service, it also provides the global methodology established for conducting these reviews.
There is a new equation for improving your Internal Audit activity: Q = R3 (Quality = Relevance, Reliance & ROI)
External Quality Assessment reviews help Internal Audit activities understand the unique issues and opportunities facing them within their organization. Company executives deal with internal auditing on a regular basis for legal and compliance issues, but sometimes fail to understand its role in the whole organization.
External Quality Assessment reviews provide an endorsement of the quality of the IA. A level of comfort is provided about the audit approach and that the Internal Audit activity is well managed to the audit committee and executive management. Finally, the organization’s management gains a better understanding of IA audit process.
Where improvements can be made, the external Quality Assessment review aims to present practical, comprehensive solutions that can help the IA increase its value to the organization, enhance its efficiency and effectiveness in meeting the needs of its key customers, and improve its planning for the future.
Return on Investment
External Quality Assessment reviews can act as a catalyst to reinforce and strengthen the IA position within the organization. It will measure the IA to the current successful practices of the profession and raise the profile of the IA throughout the entire organization. Focusing on key audit risks, ways to do more with current resources, and improving communication with stakeholders; an External Quality Assessment review can provide a tremendous return on investment.
The IIA offers External Quality Assessment (QA) review services to organizations of all sizes and will organize a team of qualified audit professionals to conduct your external Quality Assessment review. The IIA uses the most up-to-date global methodology established for conducting these reviews, including the Quality Assessment Manual, 6th Edition, which is now aligned to the IPPF.