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Internal Audit Done Right

IIA issues updated practice advisories on quality assurance

ALTAMONTE SPRINGS, Fla. (May 26, 2015) — When internal audit is positioned to operate at the highest levels — that is, when it operates independently, reports objectively, and offers insight to all levels — it is truly an indispensable part of organizational governance.

But, in order to sustain credibility and confidence with its key stakeholders in the C-suite and on the board, internal audit must provide assurances about the quality of its work. And, quality can only be achieved if internal audit executes its work in accordance with a globally recognized set of standards.

This week, The Institute of Internal Auditors (The IIA) released a suite of nine new and updated Practice Advisories that provide guidance to internal auditors and chief audit executives (CAEs) on sustaining a comprehensive Quality Assurance and Improvement Program (QAIP).

The advisories focus on parts of The IIA’s International Standards for the Professional Practice of Internal Auditing (Standards) that deal with establishing, maintaining, and reporting on a QAIP. These mandatory programs are intended to build confidence in internal audit’s work, performed in accordance with the Standards.

The changes to the updated advisories are designed to provide enhanced recommended guidance to CAEs, whether relating the results of internal and external assurance reviews, or disclosing nonconformance with the Standards.

Maintaining quality, and seeking external validation of that quality, throughout the entire audit process is fundamental to assuring the highest level of credibility and confidence in the internal audit capability among its key stakeholders.

About the IIA

The Institute of Internal Auditors (The IIA) is the internal audit profession’s most widely recognized advocate, educator, and provider of standards, guidance, and certifications. Established in 1941, The IIA today serves more than 180,000 members from more than 170 countries and territories. The association’s global headquarters are in Altamonte Springs, Fla. For more information, visit www.theiia.org.