External Quality Assessment of the Internal Audit Function

It is often difficult to objectively evaluate how a given function operates within an organization. This also applies to the internal audit function, where a unique challenge arises: while internal audit is responsible for evaluating all other functions, no other organizational unit or function typically assesses its own operation. According to the recommendations of the Institute of Internal Auditors (IIA), it is advisable to have the internal audit function undergo an External Quality Assessment (QA) by an independent third party at least once every five years.

The purpose of this regular review is to ensure that the internal audit function — which examines the organization as a whole, including the entire internal control system — complies with applicable laws, recommendations, and standards, follows best practices, and to determine whether improvements are needed and in which direction.

ABT has many years of experience and expertise in operating and evaluating internal audit functions and is ready to assist you in performing the external quality assessment as recommended by the IIA.

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