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.
Five reasons why you need an EQA:
Top reasons why you should work with us and what we offer:
Read a summary of EQAs undertaken by us in 2019 – 2020 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).
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.
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.
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.
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.email@example.com. 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: