The International Professional Practices Framework Standard 1300 Series (see below) requires a CAE to develop and maintain a QAIP, which enables an evaluation of the internal audit activity’s conformance with the Definition of Internal Auditing, The IIA’s International Standards for the Professional Practice of Internal Auditing (Standards), and an evaluation of whether the function’s auditors are applying the Code of Ethics. The QAIP also assesses the efficiency and effectiveness of the internal audit activity and identifies opportunities for improvement.
IIA Standard 1300: Quality Assurance and Improvement Program
The chief audit executive must develop and maintain a quality assurance and improvement program that covers all aspects of the internal audit activity.
IIA Standard 1310: Requirements of the Quality Assurance and Improvement Program
The quality assurance and improvement program must include both internal and external assessments.
IIA Standard1311: Internal Assessments
Internal assessments must include ongoing monitoring of the performance of the internal audit activity and periodic self-assessments or assessments by other persons within the organization with sufficient knowledge of internal audit practices.
IIA Standard 1312: External Assessments
External assessments must be conducted at least once every five years by a qualified, independent assessor or assessment team from outside the organization. The chief audit executive must discuss with the board: 1). The need for more frequent external assessments; and 2). The qualifications and independence of the external assessor or assessment team, including any potential conflict of interest.
Quality Assessment Manual
The Quality Assessment Manual for the Internal Audit Activity provides updated and expanded guidance and enhanced step-by-step modules to help you establish and maintain a QAIP, and aid your internal and external assessors in testing and assessing that program.
The following models for the audit committee charter, internal audit activity charter, and management control policies are part of your membership benefits, aimed at helping you improve the quality of internal audit.
- New! QAIP: Roles and Responsibilities, Best Practices for Financial Institutions
- QAIP Considerations During The COVID-19 Pandemic
- Internal Audit Quality Assurance and Improvement: A Call to Action
- Insights to Quality
- IIA Bookstore:
Utilize these presentations to educate your internal audit team and vested stakeholders on the benefits and components of setting up and maintaining a future-focused QAIP.