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Internal Audit Quality Assurance Review
Capture the benefits of a quality assessment.
Audit committees and chief audit executives (CAEs) may want to assess how well internal audit is performing. Periodically, a CAE may also want to monitor internal audit’s value to the organization. This is where an internal audit quality assurance review comes in.
The Institute of Internal Auditors established the benchmark for internal audit performance through a series of standards. To ensure that your internal audit function conforms to the International Standards for the Professional Practice of Internal Auditing, you must establish a Quality Assurance and Improvement Program and, at least every five years, obtain an external quality assessment by an independent reviewer or an internal review team.
The benefits of a quality assurance review
There are many important benefits of having an internal audit quality assurance review, including:
- Providing you with an opinion regarding conformance with the spirit and intent of the standards
- Determining how effective and efficient your internal audit function is when weighed against its charter, the expectations of the organization’s key stakeholders and peers or leading practices
- Outlining specific improvement opportunities and providing a prioritized action plan so internal audit can improve its value to the organization
- Enhancing internal audit’s credibility within your organization
We perform internal audit quality assurance assessments for companies like yours
We can perform the quality assurance review ourselves or validate your own internal audit function’s self-assessment. Our internal audit professionals have experience working with organizations of all types and sizes – in most every industry – in the United States and worldwide through our association with RSM International.
We’ll help you capture the benefits of an assurance review so you can take your internal audit department’s performance to the next level. Call us at 800.274.3978 or complete the form below to have one of our specialists contact you.