"A positive and helpful experience"

The Institute mobilised an experienced review team in quick order, and we were able to get a meaningful review conducted in time to meet the audit committee's expectations. 

Harry Oldreive
Head of Audit & Risk

"A smooth review process"

The review process was generally smooth with regular communication between the Lead Reviewer and the Head of Internal Audit.

Dan Winchurst
Head of Internal Audit

"A thorough and robust assessment"

The assessment was thorough and robust and took into account not only the anticipated relevant paperwork, but also a wide range of internal audit stakeholders.

Lindsey Mellors
Assistant Director and Risk Assurance

External quality assessment

What is an EQA?

An external quality assessment, or EQA, evaluates conformance with the International Professional Practices Framework (IPPF) which includes the Code of Ethics, the Core Principles, the Definition of Internal Auditing and the International Standards for the Professional Practice of Internal Auditing (Standards).

The assessment includes an evaluation of whether internal auditors apply the Code of Ethics. The assessment will also include conformance with the financial services code and the public sector standards (PSIAS) if you operate in these sectors.

Why do you need an EQA?

Five reasons why you need an EQA:

  1. To adhere to standards
  2. To provide independent assurance
  3. To raise the profile of organisation
  4. To benchmark your activities against best practice
  5. To improve the performance of your internal audit function through ideas and suggestions of how performance can be enhanced

Why choose us?

Top reasons why you should work with us and what we offer:

  1. Standard setting: As advocates of the IIA standards, we’re ideally placed to support you in conducting EQA reviews
  2. Independence: We are independent of any other organisation and because we set the standards, we truly understand them.
  3. Flexibility: Our highly qualified and experienced reviewers deliver bespoke reviews to match your requirements.
  4. Objective: We have no vested interest beyond promoting and developing the profession.
  5. Transparency: We take an open, pragmatic, and collaborative approach to discussing ideas.

Read a summary of EQAs undertaken by us in 2019 – 2020 and discover why internal audit performance matters.

How are EQAs carried out?

Through a five-stage structured approach that assesses the performance of internal audit in line with best practices standards and procedures.

The five-stage process is as follows:

  1. Evaluate the effectiveness of the delivery of internal audit
  2. Evaluate the delivery of internal audit
  3. Examine internal audit working papers from assignments completed
  4. Meet and discuss internal audit performance with key stakeholders and staff
  5. Aggregate evaluations and discuss conclusions

Below is a more detailed example example of how the EQA process works (click thumbnail to enlarge image).

Which service is right for you?

Readiness assessment

Our readiness assessment will help you prepare for a full EQA and give your internal audit function a 'health check'. We’ll look at the foundations and attributes of your internal audit function and highlight potential risks to your conformance with the Standards. They will also offer guidance on how to address these issues and improve effectiveness.

Validated self-assessment

We will validate the self-assessment carried out by the head of internal audit. We will review evidence and conduct interviews with senior management and the chair of the audit committee.

Full EQA

Our reviewers will provide a full EQA that involves surveys and interviews with the head of internal audit, internal audit staff, audit committee members, customers and stakeholders. This is supported by an examination of the internal audit approach and methodology leading to the completion of an independent report.

Follow up review

We’ll assess your implementation of EQA action points and acknowledge the progress you've made since your last review. Members can benefit from a free self-assessment check list, a great resource to help prepare for an EQA or to benchmark the quality of your current internal audit process.

Download our free self-assessment checklist and benchmark the quality of your internal audit operation.

Book an EQA or find out more

Drop our Professional Services Manager, Kevin Grimwood, an email with any questions you have or to request a quote. His email address is Kevin.grimwood@iia.org.uk. Alternatively, you reach him by phone on 0207 819 1945.

Further details of what to expect can be found in our FAQ section.

Further reading

Here are some useful benchmarking documents and materials: