The Institute of Internal Auditors ' (IIA) Standard 1312, “requires every internal audit department to have an external quality assessment at least once every five years by a qualified independent reviewer from outside the organization”. McKonly & Asbury's Quality Assurance Review (QAR) Service is a strategic assessment of an internal audit function, including its infrastructure, staff experience, and performance relative to business goals, best practices, and applicable standards. Our affiliate, Financial Outsourcing Solutions, gives us the unique perspective of an internal audit team to deliver a QAR that provides more than just compliance. We can give your team solid advice on how to improve performance.

Scope of QAR:

• Assess the efficiency and effectiveness of the department based on established standards.
• Review of the audit universe and the method followed for annual risk assessment leading to the audit plan.
• Evaluate organizational structure, staffing, and internal audit approach of the department.
• Determine how internal auditing is perceived through interviews and surveys with customers, including governance personnel.
• Examine techniques and methodology for testing controls. Identify ways to enhance the department's policies and practices.
• Evaluate whether the department conforms to The IIA's International Standards for the Professional Practice of Internal Auditing (ISPPIA).

Benefits of QAR:

• Clarify and validate management and shareholder expectations of the department.
• Assess the department structure, methodologies, resources, and capabilities.
• Assess compliance with the ISPPIA as promulgated by the Institute of Internal Auditors .
• Identify opportunities to improve the department's structure and processes.

Contact our Internal Audit Consulting team today for more details on Quality Assurance Review Services.