Internal Audit External Quality Assessment Explained by Vonya Global

CHICAGO - Feb. 6, 2017 - PRLog -- Vonya Global recently published an articled that explains Section 1312 of the Institute of Internal Auditors' (IIA) International Standards for the Professional Practice of Internal Auditing (Standards).  Section 1312 requires an external third party to assess the internal audit department of an orgnization or corporation once every five years. This assessment, commonly known as a QAR, is designed to evaluate the internal audit department's compliance with the IIA Standards and assesses the efficiency and effectiveness of the internal audit department.

There are multiple approaches to address the IIA QAR requirement.  The first is a self-assessment conducted by the internal audit department and then validated by an external party, defined by the IIA as a Self-Assessment with Independent Validation.  The second is a fully outsourced external assessment. The recent article by Vonya Global addresses the options, in addition to describing internal audit department benchmarking and a capability maturity assessment.  To read the article, please visit the Vonya Global webiste.

http://www.vonyaglobal.com/internal-audit/knowledge/iia-s...