External Quality Assessment
A Quality Assurance and Improvement Program is designed to enable an evaluation of the internal audit activity’s conformance with the Standards and an evaluation of whether internal auditors apply the Code of Ethics. The program also assesses the efficiency and effectiveness of the internal audit activity and identifies opportunities for improvement. The chief audit executive should encourage board oversight in the quality assurance and improvement program.
Our quality assurance programs include facilitated self-assessments and external quality assessments assisting our members to achieve conformity to the International Professional Practices Framework (IPPF) – the only standards that are applicable to internal audit.
Why is it important for an internal audit department to conduct an External Quality Assessment (EQA)?
- To demonstrate and certify conformance to The IIA’s International Standards for the Professional Practice of Internal Auditing and Code of Ethics, which require an EQA at least once every five years.
- To enhance stakeholder confidence in the internal audit activity’s credibility and effectiveness in meeting their needs and expectations.
- To assess whether the internal audit activity has the right skills and strategies to meet future organization needs.
- To evaluate the effectiveness of the Quality Assurance and Improvement Program (QAIP) in meeting the requirements of continuous improvement; and to appraise and measure the efficiency and effectiveness of the internal audit activity.
- Provides recommendations and a road map for implementing best practices to enhance internal audit conformance and performance in the future.
- Gain valuable insight on department perceptions and reputation through in-depth interviews and surveys of stakeholders and internal audit department staff.
- Assessment of the internal audit department alignment with Organization strategies, objectives, risks, and plans
To request a free consultation, email rmupadha@iiauganda.org