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.