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
- An Internal Assessment is an assessment of your Internal Audit function’s conformance to the Standards, which should ideally be performed annually.
- Use the Quality Analysis Template in the Quality Toolkit.
Why is it necessary to have an independent External Assessment? Where do I start?
- 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 to the Standards.
- It can also assess whether Audit Committee and Executive Management expectations of Internal Audit are being met.
What External Assessment methods are there?
- 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 can conduct independent External Assessments?
- Independent, qualified assessors or assessment teams – ideally should have Internal Audit senior management experience.
- Assessors should be knowledgeable about the Standards and the External Assessment process
- Preferably Certified Internal Auditors (CIAs).
- May have Certified Information Systems Auditors (CISAs) involved if an External Assessment calls for specific review of ICT audit.
Who conducts External Assessments?
- 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 one day training course on Internal Audit Quality which includes a short examination and results in participants being awarded ‘Accreditation in Internal Quality Assessment Validation’ by the IIA–Australia.
- Free advice is available from the IIA–Australia Manager of Quality Services.