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 Audit and the International Standards for the Professional Practice of Internal Auditing (the IIA Standards).
We will also, as appropriate, review conformance with the Public Sector Standards (PSIAS), Internal Audit Code of Practice guidance on effective internal audit in the private and third sectors, and Internal Audit Financial Services Code of Practice guidance on effective internal audit in the financial services sector.
Five reasons why you need an EQA:
Top reasons why you should work with us and what we offer:
Read our Internal Audit Performance Report 2020/2021, which is a summary of the EQAs undertaken by the Chartered IIA and discover why internal audit performance matters.
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:
Below is a more detailed example example of how the EQA process works (click thumbnail to enlarge image).
In response to the need for virtual working, CAEs can opt for a remote health check in advance of a full EQA. We use established, secure technology for video conferencing and file sharing.
After a high-level assessment, the reviewer provides feedback on the readiness of the function for an EQA and, where appropriate, suggests immediate actions to avoid non-conformance.
Preparation for a full EQA, with a high-level evaluation of the foundations and attributes of the internal audit activity to highlight potential conformance risks. The reviewer will also offer guidance on how to begin to address any identified issues and improve effectiveness.
Our EQA reviewers will provide a comprehensive assessment that involves surveys and interviews with a range of stakeholders including the CAE, internal audit staff, audit committee chair and members and internal audit customers. This also includes a detailed examination of the internal audit approach and methodology leading to the completion of an independent report which is presented to the audit committee. We adopt a collaborative approach to deliver the best outcome for the organisation, the internal audit activity and the profession.
Evaluation of a self-assessment carried out by the CAE. We will review evidence and conduct interviews with senior management and the chair of the audit committee. A free self-assessment checklist is available to members.
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.
Drop our Professional Services Manager, Kevin Grimwood, an email with any questions you have or to request a quote. His email address is Kevin.firstname.lastname@example.org. Alternatively, you reach him by phone on 0207 819 1945.
Further details of what to expect can be found in our FAQ section.
Here are some useful benchmarking documents and materials: