External quality assessment
Internal audit effectiveness review: An objective approach
To ensure your internal audit function conforms to the IIA's International Standards, regular independent external quality assessment is required. As the standard-setter we are ideally placed to conduct an EQA review of your operation.
Our review services will ...
- Assess how well your internal audit function conforms to the International Standards and how it relates to the financial services code and the public sector standards (PSIAS) if you operate in these sectors.
- Evaluate performance in light of your internal audit charter and expectations of the board and executive management.
- Identify opportunities to improve performance and increase the value of internal audit to the organisation.
- Benchmark your activities against best practice and your best performing peers.
Why choose the IIA?
- We are independent of any other organisation and because we set the standards, we truly understand them.
- We have no interest beyond promoting and developing the profession, so we never try to sell additional services you don't want or offer alternative suggestions to the delivery of internal audits.
- We offer a flexible approach and ensure that we place highly qualified reviewers who match your requirements.
- The majority of our work is carried out on site so it helps promote what you do and raises the profile of internal audit within your organisation.
- There will be no surprises as we'll discuss ideas as they arise. But we will challenge you and offer ideas and suggestions for continuous improvement.
Use our experience to benchmark your performance
Our experience will provide invaluable insight into how you are performing against your peers. Chris Baker, who recently retired as IIA technical manager, explains more in his interview with Audit & Risk magazine. Read the article
What you can expect
It's important to remember that an EQA is not an audit of the auditors, but a review of the processes and practices within the internal audit function. As such it is an ideal opportunity to benefit from a formalised and credible peer review, carried out by the standard setter.
You will receive regular feedback during the process. On completion, you will be in a position to:
- Prove your conformance with the International Standards
- Raise the profile of internal auditing within your organisation
- Benchmark your services against similar organisations
- Offer ideas and suggestions to enhance the performance of the organisation
- Develop training plans for the internal audit team
- Provide a report to your audit committee
The process will deliver value to all your organisation's stakeholders as well as helping to establish a culture of continuous improvement and engage, motivate and develop the audit team.
Book an EQA or find out more
Here are some useful benchmarking documents and materials:
- Definition of internal auditing – the fundamentals
- Mission statement
- Core principles
- Code of ethics – behaviour
- International Standards – principles and basic requirements of the professional practice of internal auditing
- Quality and the International Standards – how to comply
- Quality assurance and improvement programmes – useful approaches
- Implementation guidance – methods and approaches for applying the IPPF
- Supplemental guidance – tools, techniques and step-by-step approaches