INSIGHTS TO QUALITY

Which External Quality Assessment Approach Fits Your Needs?

A Quality Assurance and Improvement Program (QAIP) is correlated with higher quality internal audit activities. External Quality
Assessments (EQAs) are one component of a strong QAIP and build support with the board and executive management as well as
establish credibility with stakeholders, such as external regulators and other internal assurance providers. Determining the most
appropriate approach begins with understanding the options.

Self-assessment with Full Quality

Independent Validation (SAIV) Assessment (QA)

Process
Internal audit activity conducts assessment and develops
opinion as to conformance with the Standards in a written
report substantiated by an independent validator through
onsite visit, surveys, and interviews with senior management.
Independent assessment team conducts complete review
of the internal audit activity through the use of surveys,
interviews, benchmarking, and workpaper review. A written
report is provided containing a conformance opinion,
recommendations for remediating conformance issues,
opportunities for continuous improvement, and successful
practice implementation.

Benefits
nn Meets the requirements of the Standards to have an
external assessment once every five years
nn Evaluates the internal audit activity’s conformance with
the Definition of Internal Auditing, Code of Ethics, and
the Standards
nn Abbreviated onsite timeline
nn Independent and objective validation
nn Value to management and audit committee
nn Staff development and satisfaction
nn Reliance placed by external auditor
nn Meets the requirements of the Standards to have an
external assessment once every five years
nn Evaluates the internal audit activity’s conformance with
the Definition of Internal Auditing, Code of Ethics, and
the Standards
nn Assesses the efficiency and effectiveness of the internal
audit activity and provides opportunities for improvement
nn Diverse, independent, professional, and experienced
external assessors
nn Staff development and satisfaction
nn Reliance placed by external auditor
nn Provides evidence to the board, management, and staff
that the audit committee and internal audit activity are
committed to the organization’s success for internal controls,
ethics, governance, and risk management processes

Challenges
nn Commitment of internal audit activity resources nn Budget constraints
nn Perception of objectivity by stakeholders
nn Successful practice recommendations
nn Diversity of experiences and benchmarking

Need further insight into Quality Assessment?

Let IIA Quality Services be your trusted advisor.
Contact us at Quality@theiia.org or +1-407-937-1399.
2017-0284
 Estimated Resource Hours

Internal Audit External

SAIV QA
Activity Assessment Team
Background Information and Background Information and
10 hours
Document List Document List

Surveys (Executive Leadership, Surveys (Executive Leadership,

Operating Management, 40 hours Operating Management,
Internal Audit Staff) Internal Audit Staff)

Interviews (Chief Audit Executive, Interviews (Chief Audit Executive,

Board Members, Senior and Operating 8-16 hours Board Members, Senior and Operating
Management, Internal Audit Staff) Management, Internal Audit Staff)

Work Programs and Work Programs and Evaluation

80-320 hours 80-320 hours
Evaluation Summary Summary

Self-assessment Report 8-24 hours

Validation Statement 8-24 hours 8-24 hours Report

*Completed by Internal Audit Activity **Completed by External Assessment Team

*These are only estimates and based on a robust QAIP in place within a fully functioning internal audit activity.

Quality Is Key to Optimal Success

In an ever-challenging environment, organizations need to stay current on corporate governance and ways to add value as well as to
operate at the highest level of quality.

As part of any organization’s oversight responsibility, external assessments must be conducted at least once every five years,
according to The IIA’s International Standards for the Professional Practice of Internal Auditing. EQAs provide opportunities for the
internal audit activity to demonstrate assurance to stakeholders as well as identify areas for continuous improvement.

About IIA Quality Services

IIA Quality Services’ mission is to elevate professionalism within internal auditing and conformance to
the International Standards for the Professional Practice of Internal Auditing by providing knowledge
resources and assessment services to internal audit activities. IIA Quality Services’ experts provide
full-scope qualtiy assessments, validations of self-assessments, and readiness assessments.

Need further insight into Quality Assessment?

Let IIA Quality Services be your trusted advisor.
Contact us at Quality@theiia.org or +1-407-937-1399.
2017-0284