Professionalism does not occur overnight…it takes time. Professionalism is a process that evolves from dedication, high-road ethics, professional growth, and hard work. Integral to this process – and the essence of excellence in the business environment – is quality
To meet the unique needs and corporate culture of your organisation, quality needs to evolve and permeate your organisation’s structure. From the mailroom to the boardroom, quality helps ensure customer’s satisfaction, investor’s confidence, effective management, efficient administration and sound corporate performance.
To ensure consistent quality in your audit function and organisation, a Quality Assurance and Improvement Programme is necessary. The required elements are ongoing and periodic internal quality assessments, external quality assessments, internal monitoring, and assurance that the internal audit activity is in conformance with the Definition of Internal Auditing, International Standards for the Professional Practice of Internal Auditing (Standards), the Code of Ethics.
The internal audit activity conforms with the Standards when it achieves the outcomes described in the Definition of Internal Auditing, Code of Ethics, and Standards. The results of the quality assurance and improvement programme at External Assessment the results of both internal and external assessments. All internal audit activities will have the results of internal assessments. Internal audit activities in existence for at least five years will also have the results of external assessments.
Your internal quality assessment (QA) programmes are ongoing internal evaluation of the internal audit activity, coupled with periodic self- assessment and/or reviews. On the other hand, external quality assessments require an outside individual or team of independent reviewers to evaluate compliance to the Standards, the use of leading practices and the efficiency and effectiveness of the internal audit activity. Together, they create a complete picture of your audit function’s commitment to quality and professionalism.
Preliminary QAR Readiness Assessment
Quality Assessment Services
External Quality Assessment – Initial Company Inquiry Form
The benefit of an organisation undergoing a external QA is that it allows the internal auditors to state that their activities “conforms with the International Standards for the Professional practice of Internal Auditing.” It also builds stakeholder confidence by documenting management’s commitment to quality and successful leading practices, and the internal auditors’ mindset for professionalism. Obtaining an external QA provides evidence to the board, management, and staff that the audit committee and the internal audit activity are concerned about the organisation’s internal controls, ethics, governance, and risk management processes.
Regardless of an organisation’s industry or the internal audit activity’s complexity or size, there are two approved approaches to external QAs:
- External Assessment with Independent Validation
An independent review team would be appointed to perform the quality assurance review.
- Self-Assessment with Independent Validation
The internal audit activity will have to complete the quality assessment report and an external validator substantiates some of the work done by the self-assessment team, makes an on-site visit, interviews senior management, and either co-signs the CAE’s report regarding conformance to the Standards, or issues a separate report on the disparities.
Our quality assessment services are customised according to the needs and requirements of our client. Due to this our proposal and pricing are unique to each client.
WHY IIA MALAYSIA ?
- We are acknowledged as the leader, recognised authority and principal educator of the internal audit profession.
- It is a true peer review by the world’s recognised authority on internal auditing.
- Our programme has been developed and tested by internal auditors.
- We provide high quality, value added services to our clients.
- We also compare the present operations of your internal audit activity against leading practices, which include past QA’s done by the team leaders, in-house publications, courses, conferences and GAIN.
- Our team comprises of experienced internal audit professionals who keep abreast of leading-edge technologies.
- We also perform a follow up within 6 months from completing the Quality Assurance, on issues raised during the review.
Quality Assurance Tools & Resources http://www.theiia.org/guidance/quality/
Quality Assurance and Improvement Programme
The chief audit executive must develop and maintain a quality assurance and improvement programme that covers all aspects of the internal audit activity.
A quality assurance and improvement programme is designed to enable an evaluation of the internal audit activity’s conformance with the Definition of Internal Auditing and the Standards and an evaluation of whether internal auditors apply the Code of Ethics. The programme also assesses the efficiency and effectiveness of the internal audit activity and identifies opportunities for improvement.