The Institute of Internal Auditors (IIA) International Standards for the Professional Practice of Internal Auditing requires companies to perform independent quality assessments of their Internal Audit departments at least once every five years. In addition to meeting these requirements, UHY Advisors believes that companies should also conduct strategic assessment reviews, which provide additional information to Boards of Directors and Audit Committee members about their Internal Audit Department’s performance and offer insight into how the company can achieve maximum efficiency within this vital organization.
Within UHY, the scope of our Internal Audit Quality Assessments includes:
- Measuring the department’s efficiency and usefulness based on recognized standards.
- Reviewing the strategy used for annual risk assessment to create the audit plan.
- Analyzing the organizational structure, staffing and internal audit methodology of the department.
- Determining how internal audit is viewed based on interviews and surveys.
- Evaluating techniques and methodologies for testing controls
- Benchmarking function to best practices and identifying gaps
- Determining whether the department meets The IIA's International Standards for the Professional Practice of Internal Auditing.
By conducting an Internal Audit Quality Assessment, your organization will be able to:
- Identify opportunities for implementing best practices
- Evaluate the department’s organizational structure, methodologies, and resources.
- Ascertain opportunities to enhance departmental structure and processes.
- Gauge conformity with the The IIA's International Standards for the Professional Practice of Internal Auditing.