This audit report sample focuses on the external quality assessment review conducted for a company’s internal audit function. The objective for this review is to assess conformance to the International Standards for the Professional Practice of Internal Auditing; to assess the effectiveness of the internal audit in providing assurance and consulting services to the board, senior executives and other parties; and to identify opportunities.
The evaluation methodology used included the following tactics to learn more about the operations of the internal audit activity:
- Key stakeholders' interviews and surveys to understand expectations and perceptions.
- Review of diagnostic tools prepared by internal audit that support the conclusions made by internal audit regarding conformance with IIA Standards.
- Review of work papers supporting observations and recommendations for a sample of completed audits.
- Review of policies and procedures established by internal audit to support their operations.
- Interviews with internal audit staff members.