Do you have questions about meeting your quality assessment obligations under the IIA standards?

Do you have questions about meeting your quality assessment obligations under the IIA standards?

“Are we expected to complete a Full-Scope External Quality Assessment to meet the IIA requirements?”

“What’s a SAIV and can I do this instead of a Full‑Scope EQA?”

“How much time will we need to complete the assessment and provide a timely report to the Audit Committee?”

“What are the expectations of company executives and the Audit Committee about the quality of the Internal Audit activity?”

Choosing an Independent External Assessor

Select a qualified and experienced CAE with many years of practical internal audit, quality assessment and QAIP experience. One that is comfortable dealing directly with Executives and Audit Committee members and can leave you with an informative report and sensible recommendations.

Vet any assisting assessor team members to ensure they have the competence and depth of internal audit experience to recognize the distinctiveness of your internal audit activity.

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Do you have questions about meeting your quality assessment obligations under the IIA standards?
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How I can Help:

As an experienced Chief Audit Executive and auditor with over 20 years of internal audit practice, quality assessments, and QAIP projects, combined with my knowledge of the IIA Standards, I can guide you in meeting the IIA requirements.

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Peter McConnell
B. Comm., CPA, CIA, CRMA

 

[..] [email protected]‑borderconsulting.com
[..] cross‑borderconsulting.com
[..] (780) 340‑7564
[..] LinkedIn
Serving North America, the UK, Ireland and Other EU countries.

It’s not a good thing to start off your quality assessment report to the Audit Committee by explaining why you aren't in compliance for not completing it within the five‑year requirement.

Begin by deciding which meeting of the Audit Committee you want to present the report and work your way back. This will determine the amount of time and effort that will be required. Ensure you allow time for your audit team, company management and executives to participate and comment on the findings before the report is finalized.

If you’re taking over an internal audit department or coming up to your next quality assessment, ensure you have the time and resources to allocate to this critical audit project.

Yes, Audit Project! (continued...)

... Although a good portion of the work can be hired out, it will require a co‑source approach to complete. It will also require you and your team to be knowledgeable about the IIA standards and how your audit activity aligns with them.

Employing a Self‑Assessment with Independent Validation

An independent external assessor reviews and substantiates the work of your organization’s internal self‑assessment team and alignment with the IIA Standards.

Full‑Scope External Quality Assessments are a comprehensive approach that not only supports conformance, but also provides an objective assessment of your internal audit activity’s effectiveness.

The CAE must also develop and maintain a QAIP for strengthening conformance and effectiveness of the internal audit activity.