The most comprehensive external assessment approach is the Full-Scope External Quality Assessment (EQA) which supports not only conformance to Standard 8.4, External Quality Assessment but also provides an objective assessment of the internal audit function’s effectiveness, while enabling the internal audit function to better meet and exceed the expectations of stakeholders throughout the organization.
This method provides for a qualified, independent team led by an experienced audit professional. Our Assessment Teams are comprised of competent, tenured audit professionals around the world and a wide array of industries who are well-versed in the Global Internal Audit Standards assessment methodology, and successful internal audit practices. The Assessment Team may work on-site at the internal audit function’s office or remotely via our virtual service offering. Our Assessment Teams use the Quality Assessment (2024 Edition) to conduct the assessment. A report is provided by the Assessment Team that states the internal audit function’s overall conformance or nonconformance with the Standards and summarizes successful practices, conformance gaps, and enhancement opportunities.
FAQs
-
A Full-scope External Quality Assessment (EQA), evaluates conformance with the Definition of Internal Auditing and the International Standards for the Professional Practice of Internal Auditing (Standards), and also whether internal auditors apply the Code of Ethics.
-
A Full-scope EQA builds stakeholder confidence by documenting management’s commitment to quality and successful practices, as well as the internal auditors’ mindset for professionalism. Obtaining a Full-scope EQA provides evidence to an organization’s board, management, and staff that the audit committee and internal audit activity are engaged regarding the success of the organization’s internal controls, ethics, governance, and risk management processes. An opinion of “Generally Conforms” allows internal auditors to state their activities are conducted in accordance with the Standards.
-
Project duration is dependent on several factors, such as the size of the internal audit activity, the number locations throughout the world, and the number of audit reports produced each year. Complete our Proposal Request Form for a proposal that includes a project duration estimate based on your organization.
-
We recommend internal audit activities utilize The IIA’s Quality Assessment Manual, which may be used to conduct periodic internal assessments or self-assessments in preparation for an external validation or as part of the internal assessment requirement set forth by Standard 1311.
-
Quality Assessments should be forward-looking and improvement-oriented, rather than punitive. Assessment teams are typically most interested in current work, generally dating back one year, when selecting a sample of workpapers to review as part of the Quality Assessment.
-
The Quality Assessment Manual contains detailed instructions and audit programs (tools) for conducting a Quality Assessment. These tools can also be used by an internal audit activity to conduct an internal assessment or self-assessment.
-
There is not a specific number required when sampling work papers. The IIA uses a ‘10-20% of audits’ rule of thumb in when performing a Full-scope EQA, with the Assessment Team’s review taking into consideration the size of the internal audit activity and the number of audits conducted per year. At a minimum, the Assessment Team should review at least two to three sets of workpapers from the last 12 months. When conducting a Self-assessment with Independent Validation (SAIV), the preferred approach is to review two to three sets of workpapers that were reviewed as part of the self-assessment, and then to review two to three sets of workpapers that were not evaluated by the internal audit activity as part of its self-assessment.