The Institute of Internal Auditors' (IIA) Standards for the Professional Practice of Internal Auditing, states that the chief audit executive should develop and maintain a quality assurance and improvement program that covers all aspects of the internal audit activity and continuously monitors its effectiveness. This program should be designed to help the internal audit function add value, improve the organization's operations and provide assurance that the internal audit activity is in conformity with the IIA Standards and Code of Ethics. The IIA recommends external assessments be conducted at least once every five years by a qualified, independent reviewer or review team from outside the organization.
AC Lordi can conduct a full external Quality Assurance Review (QAR) or an independent validation of a self-assessment prepared by your chief audit executive or staff. A QAR performed by a third-party firm indicates to your senior leadership and Audit Committee that you are determined to ensure the Internal Audit function is in the best position to add value and achieve results on behalf of your organization.
Having the review team report independently to you or your Audit Committee about the quality of your Internal Audit function will create maximum credibility and awareness. Our QARs offer a cohesive strategy to align your business units with the audit function to maximize performance.
Our team uses the IIA methodology, and can perform the following services:
- Review the quality of your internal audit program relative to the IIA standards and emerging best practices
- Recommend areas for improvement including benchmarking metrics
- Prepare a forward looking assessment to keep you performing at a world-class level
- Document the effectiveness of your internal audit function for Sarbanes-Oxley purposes
