Internal Audit Quality Assurance Review

Capture the benefits of a quality assessment.

Audit committees and chief audit executives (CAEs) may want to assess how well internal audit is performing. Periodically, a CAE may also want to monitor internal audit’s value to the organization.

The Institute of Internal Auditors established the benchmark for internal audit performance through a series of standards. To conform to the International Standards for the Professional practice of Internal Auditing and to confirm your internal audit function does conform, you must establish a Quality Assurance and Improvement Program and, at least every five years, obtain an external quality assessment by an independent reviewer or an internal review team.

Benefits of a quality assurance review

There are many important benefits of a quality assurance review, including:

• Providing you with an opinion regarding conformance with the spirit and intent of the standards
• Determining how effective and efficient your internal audit function is when weighed against its charter, the expectations of the organization’s key stakeholders and peers or leading practices
• Outlining specific improvement opportunities and providing a prioritized action plan so internal audit can improve its value to the organization
• Enhancing internal audit’s credibility within your organization

We work with companies like yours

We can perform the review ourselves or validate your own internal audit function’s self-assessment. Our internal audit professionals have experience working with organizations of all types and sizes – in most every industry – in the United States and worldwide through our association with RSM International.

We’ll help you capture the benefits of an assurance review so you can take your internal audit department’s performance to the next level. Give McGladrey a call.