External Quality Assessment

Does your Internal Audit Department comply with the IIA External Quality Assessment (QAR) standards?

Why is this important?

The Institute of Internal Auditors International Professional Practices Framework (IPPF) Standard 1312, requires that “external assessments must be conducted at least once every five years by a qualified, independent reviewer or review team from outside the organization”. Without this review, you cannot use the phrase "conducted in conformance with the Standards" in audit reports, etc.

Value to the Client

A QAR will allow your organization to clarify and validate management and shareholder expectations of the department; assess the department structure, methodologies, resources, and capabilities; determine how internal auditing is perceived through interviews and surveys with customers, including governance personnel; and identify opportunities to improve the department's structure and processes.

Why hire M&A

McKonly & Asbury's External Quality Assessment 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. We have experience performing QARs for Fortune 1000 companies and can give your team solid advice on how to improve performance.

Who’s auditing your internal audit department?

Contact the M&A Risk Management Services Team at ENissley@macpas.com for more details, and subscribe to The RMC Advisors blog at www.theRMCadvisors.com to receive updates on relevant accounting and audit information!