Quality
Professionalism in Practice
External Quality Assessments
THE EXTERNAL QUALITY ASSESSMENT APPROACH
There are two accepted methods of conducting external quality assessments, regardless of an organization’s industry or the internal audit activity’s complexity or size, which meet the requirement of Standard 1312. The first approach is an independent team assessment which involves an outside team under the leadership of an experienced and qualified audit professional. The second approach requires an objective outside assessor for independent validation of an internal self assessment and report completed by the IA activity.
THE INDEPENDENT TEAM REVIEW
This approach provides for a qualified, independent team lead by a qualified audit professional as the team leader. Team members should also be competent professionals who are well versed in the Standards, assessment methodology, and successful internal audit practices. The review team works onsite at the internal audit activity headquarters using the Quality Assessment Manual to conduct interviews, surveys, benchmarking, and a review of work papers. A report is also drafted by the review team stating the IA activity’s conformance or nonconformance with the Standards and any recommendations for improvement opportunities.
THE VALIDATION OF A SELF ASSESSMENT
This method brings in a competent, independent evaluator who is well versed in quality assessment methodology to validate the self-assessment and conformance report completed by the IA activity using the Quality Assessment Manual. In addition to reviewing the self-assessment, the validator substantiates some of the work done by the self-assessment team, makes an on-site visit, interviews senior management, and either co-signs the CAE’s report regarding conformance to the Standards, or issues a separate report on the disparities. Although the self assessment with independent validation
requires more resources of the IA activity, this approach is usually more economical than an independent team review.
Integral to both external QA approaches is the element of objectivity. Without this, the Standards have not been met. The CAE should fully explain to
the audit committee why the QA is necessary and valuable, how the approaches to external QAs differ, and which of the two is deemed most appropriate for the organization.
Learn More
Request a FREE, no-obligation, proposal today and see how an external Quality Assessment review from The IIA can help you! Submit an Inquiry Form, email quality@theiia.org or call +1-407-937-1399 today! Proposal turnaround time for IIA services is approximately two weeks after we receive all necessary information.
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