The internal audit function operates as a key element of the organization’s control system and, as such, steps should be taken to ensure its activities undergo an external quality assessment. In other words, internal auditors should practice what they preach to the company.
This tool outlines questions organizations can use to measure the external quality of their internal audit functions. Questions to consider include: Has internal audit planned to have an external quality assessment? Has an external reviewer been selected, scheduled and engaged? Does internal audit have an internal quality program in place that includes ongoing assessment and periodic monitoring?