Explore the importance of internal audit and how a quality assessment review can enhance your audit functions for better compliance and effectiveness. This insightful report highlights the findings from an external quality assessment, which is mandated by international auditing standards every five years. It validates a company’s self-assessment, confirming that their internal audit activities generally conform to established standards while identifying opportunities for continuous improvement. Key sections of the report include an executive summary, detailing the effectiveness of the internal audit function in providing assurance and consulting services. The report emphasizes positive feedback from executive management, indicating that the internal audit team is perceived as credible and valuable in addressing significant risks and enhancing governance structures.

However, it also notes areas for enhancement, such as improving the timeliness of audits and focusing on significant risk areas. The methodology employed in the assessment involved stakeholder interviews, surveys, and a thorough review of existing practices against best practices in the industry. The report encapsulates various perspectives, including staff survey results on knowledge, skills and training needs, thus offering a holistic view of the internal audit landscape. For professionals interested in enhancing their understanding of internal audit practices and quality assessments, this report serves as a crucial resource. Access the full tool to explore detailed findings and actionable recommendations that can drive improvements within your organization's audit functions.

The evaluation methodology included the following tactics to learn more about the operations of the IA activity:

• Conducting key stakeholder interviews and surveys to understand expectations and perceptions
• Reviewing diagnostic tools prepared by the company’s IA activity that support the conclusions made by the IA activity regarding conformance with IIA Standards
• Reviewing work papers supporting observations and recommendations for a sample of completed audits
• Reviewing policies and procedures established by the IA activity to support their operations