Some Frequently Asked Questions (FAQs) about Internal Audit quality and conformance with the Standards
are shown below: My Internal Audit function doesn’t have a documented Quality Assurance and Improvement Plan, what should I do?
I haven’t done an Internal Assessment, what should I do?
- For a start point, use the Quality Policy and QAIP Template contained in the Quality Toolkit
Why is it necessary to have an independent Quality Assessment?
- An Internal Assessment is an annual assessment of your Internal Audit function’s conformance with the Standards
- Use the Internal Assessment Template in the Quality Toolkit
What Quality Assessment methods are there?
- Independent Quality Assessments should be conducted at least once every 5 years by a qualified, independent assessor or assessment team from outside the organisation to assess conformance with the Standards
- It can also assess whether Audit Committee and Management expectations of Internal Audit are being met
Who can conduct independent Quality Assessments?
- External Assessment with the review conducted by an assessor or assessment team independent of the organisation
- Peer Reviews between 3 or more organisations
- Self–Assessment followed by an Independent Validation (SAIV) conducted by an external Independent Validator
Who conducts Quality Assessments?
- Independent, qualified assessors or assessment teams – ideally should have senior Internal Audit management experience
- Assessors should be knowledgeable about the Standards and the Quality Assessment process
- Preferably Certified Internal Auditors (CIAs)
- May have Certified Information Systems Auditors (CISAs) involved if a Quality Assessment calls for specific review of ICT audit
Where do I start?
- Professional service firms
- Outsourced providers of Internal Audit services
- Independent consultants
- The Institute of Internal Auditors
- If you have not yet established a documented Quality Assurance and Improvement Program, a good first step on the path to quality is to conduct an Internal Assessment against the Standards. This will establish where your Internal Audit function is conforming and where improvements can be made
Is there QA training available?
- The IIA–Australia presents a training course on Quality Assessment which includes a short examination and results in participants being awarded ‘Accreditation in Internal Quality Assessment Validation’ by the Institute of Internal Auditors
- Free advice is available from the IIA–Australia Manager of Quality Services