Most internal audit departments follow The Institute of Internal Auditors’ International Standards For The Professional Practice Of Internal Auditing (www.theiia.org/standards). IIA Standard 1312 states external quality assessments of the Internal Audit Department must be conducted at least once every five years by a qualified, independent reviewer or review team from outside the organization.
More than just demonstrating compliance with the IIA Standards, a Quality Assurance Review will evaluate the efficiency and effectiveness of the Internal Audit Department. It will also help you understand if the Internal Audit Department is meeting the expectations of Executive Management and the Board of Directors. Plus once the baseline has been established, opportunities to take advantage of professional best practices emerge areas such as: