Internal Audit Quality Assurance
Internal Audit Quality Assurance
This course covers how to prepare for and undergo an external quality assessment review, how to conduct a self-assessment as outlined by the IIA Standards, how the review can benefit your department, and review methodologies available. This course also provides students with best practices to improve the quality of your audit methodology, avoid common mistakes, and increase the effectiveness of the internal audit function.
Upcoming start dates
Suitability - Who should attend?
Chief Audit Executives, audit directors and managers, internal auditors who need an understanding of the IIA Standards to participate in an quality assurance review and those responsible for outsourced audit activities.
Prerequisites
- A Basic Knowledge of Internal Auditing
Outcome / Qualification etc.
NASBA Certified CPE: 24 Credits Auditing
What You'll Learn
You will learn how to prepare for and conduct an external quality assurance and improvement program of the internal audit function. You will learn about the key documents needed, stakeholder to interview, how to review the workpapers and common failure points.
Training Course Content
Understanding the background:
- The quality assurance and improvement programme
- The relevant IIA standards and practice advisories
- The key requirements
Quality management principles:
- Defining quality
- The key elements required
- What is quality assurance and what does it mean for IA?
- Quality models/philosophies
- Who is responsible?
- Quality assurance versus quality control
Exploring the external quality assessment options:
- External assessment
- Self-assessment with independent validation
Determining the optimal focus and scope:
- Compliance, benchmarking or improvement?
- Key areas covered by the EQA
- Clarity on desired outputs: a tailored approach
Identifying key stakeholders and other assurance providers:
- Dealing with complexities (joint ventures, co-sourcing etc)
- Ensuring added value
- Obtaining audit committee buy-in
- The merits of self-study
Securing the right team:
- Drafting the request for proposals
- Selection criteria (internal and external assessors)
The external assessment process:
- Surveys and questionnaires: issue and analysis of results
- On-site fieldwork: interviews, working practice and work file review
- Evaluation principles
- Formulating the opinion
- Sample customer/stakeholder questionnaires will be provided to all delegates
Being prepared:
- Understanding the compliance requirements (the key criteria for the Code of Ethics and each standard)
- Predicting the outcome and adjusting accordingly!
Reporting results:
- Reporting lines
- Closing conference and issue of draft report
- Management responses / action plan
- Issue and presentation of final report
- Audit committee involvement
The requirement for periodic internal assessments:
- The need for independence
- Selecting the review team
- Assuring added value
- Assimilating and responding to the key issues
Ongoing internal assessment:
- Performance metrics and benchmarking
- Building ongoing improvement
Creating a cost-effective quality assurance and improvement process:
- Meeting the requirements in everyday practices
- IIA guidance and tools
- Common QA&IP challenges
- Learning from the outcomes of other external and internal assessments
- Implementation “top tips”
- Building a road map to compliance
- Reviewing a sample quality assurance and improvement programme
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