Internal Audit Quality Assurance

Description

The IIA Professional Practices Framework requires that Chief Audit Executives who wish to state that their department’s activities are conducted in conformance with the IIA’s international standards should develop and maintain a Quality Assurance and Improvement Programme (QA&IP). Specifically, Internal audit functions should have undertaken an External Quality Assessment (EQA) to be able to state that their activities are conducted in conformance with the IIA’s international standards. The standard applies to all internal audit departments,irrespective of size and whether in-house, outsourced or co-sourced.On February 20, 2012 The IIA issued an exposure draft listing some proposed changes to the International Standards. Among the suggested changes is an increasing focus on the QAIP requirements.

This seminar sets out the requirements of the IIA’s QA&IP both external and internal, periodic and routine and practical guidance on the best way to satisfy these requirements in a cost effective and value added manner. The sessions will cover the required topics, encouraging discussion and debate, and will be interspersed with relevant exercises as appropriate. Delegates will be guided through the requirements so that they will have a clear road map on what is needed to conform to the IIA’s QA&IP requirements.

However, the IIA's 2008 Quality Status Survey revealed only 51.0% of the respondents indicated the existence of such a programme in their internal auditing activities. Whilst there was high awareness (91.8% of respondents) of Standard 1312 that requires an EQA at least every five years only 32.2% of the respondents had had an EQA. For those who had not conducted one, 35.8% considered themselves to be within the five-year cycle.

This seminar sets out the requirements of the IIA’s QA&IP both external and internal, periodic and routine and practical guidance on the best way to satisfy these requirements in a cost effective and value added manner. The sessions will cover the following topics, encouraging discussion and debate, and will be interspersed with relevant exercises as appropriate. Delegates will be guided through the requirements so that they will have a clear road map on what is needed to conform to the IIA’s QA&IP requirements.

This course will help you to:

• Appreciate the benefits of implementing a cost effective and value adding QA & IP which satisfies IIA requirements
• Learn how to conduct an internal quality assessment as a benchmark and as preparation for an External Quality Assessment (EQA)
• Gain the expertise and confidence to commission an EQA and to successfully manage the outcome
• Review real life evaluations and develop your own road map to conformance