IIA-Australia Factsheet - Self-Assessment with Independent Validation (SAIV)

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Author	IIA-Australia
Date	2022
Topics Explored	Internal Audit
Format	Factsheet
Extract/Description	This Fact Sheet explains how Self-Assessment with Independent Validation (SAIV) can be a cost-effective method of performing a five-year External Assessment of an Internal Audit function. It can be combined with a Peer Review approach in specific business or industry sectors to foster internal audit quality improvement and provide an innovative method of performing the five-year External Assessment.
Key Points	External assessments may be accomplished through a full scope External Assessment, or a Self-Assessment with Independent Validation (SAIV). SAIV can allow an Internal Audit function to implement areas for improvement after the Self-Assessment, and before the Independent Validation is performed.
Relevant Industries	All
Level of Assumed Knowledge	Intermediate