External Quality Assurance
Through our experience and exposure in Quality Assurance reviews for multinational audit functions, we can provide an independent evaluation of the quality and effectiveness of your internal audit function. Our assessment aims to identify improvement opportunities and weaknesses, as well as highlighting good practices for your internal audit function with the objective of providing an assurance over the quality of the IA function.
The need for an EQA review:
- To provide the management with an assurance over the quality of their IA function;
- To assist the management in complying with relevant regulatory requirement which require the assessment of the IA function; and
- To comply with the International Standards for the Professional Practice of Internal Auditing for which an independent quality assurance review of the IA function should be performed every five years.
The purpose for an EQA review:
- To ensure compliance with regulatory requirements around the operation of the IA process;
- To ensure compliance with the IA methodology;
- To identify areas for improvement and provide improvements for future assignments; and
- To report to the management on the effectiveness of their IA function.