The International Standards for the Professional Practice of Internal Auditing (Standards) 1300 series require a Chief Audit Executive (CAE) to develop and maintain a Quality Assurance and Improvement Program (QAIP). A QAIP 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 program also assesses the efficiency and effectiveness of the internal audit activity and identifies opportunities for improvement.
The required elements of a QAIP include ongoing and periodic internal assessments which lay the foundation for external assessments and together establish conformance with the Standards. If you have not yet established a QAIP, a good first step on the path to quality is to conduct an internal quality assessment. This will establish a benchmark of the internal audit activity and can be used to establish metrics. These metrics will indicate improvement in areas of conformance with the Standards.
The QAIP not only provides a means for evaluation of conformance with the Standards, but evidence to the audit committee and management that the internal audit activity is concerned about the organization’s internal controls, ethics, governance, and risk management processes. It builds stakeholder confidence and documents a commitment to quality, leading practices, and the internal auditors’ mindset for professionalism.
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Quality Assessment Manual
The Quality Assessment Manual for the Internal Audit Activity, published by the Internal Audit Foundation, continues to be the principal methodology and set of practical tools recommended for evaluation of the QAIP in order to assess conformity to the Standards, leading practices and, equally important, to reveal opportunities for enhancing the effectiveness and value of internal audit activities.
To purchase the Quality Assessment Manual for the Internal Audit Activity, please visit the IIA Bookstore.
Sample Quality Assurance Improvement Program
Model Audit Committee Charter
Model Internal Audit Activity Charter