External quality assessment of internal audit
Internal audit quality
Anyone who wants to continuously provide a first-rate service needs to look back from time to time and take stock. So how do you ensure the quality of the internal audit itself?
You need it to pass what is known as an external quality assessment review (QAR). This is an effective tool to improve the performance and added value of the internal audit.
According to the International Standards for the Professional Practice of Internal Auditing, internal audit activity must be verified by this test even at least once every five years (Standard 1312). Moreover, without an external quality assessment, you cannot officially state that your internal audit activity is compliant with the standards.
BDO's dedicated team has developed an internal audit quality assessment model that covers all the important areas required for an external quality assessment. It focuses on identifying and assessing the level of processes and characteristics typical of the internal audit function. The focus is on how to meet current and future expectations. Specifically, we examine:
- What does your internal audit function currently look like?
- What are the stakeholder needs and are you able to meet them?
- What areas of the internal audit need to be changed to ensure it delivers excellent results?