Quality Assessment Reviews

On January 1, 2002, the Institute of Internal Auditors (IIA) issued revised standards for the practice of internal audit that included two key provisions related to quality assurance: 

1. Internal audit departments should implement a quality assurance and improvement program.

2. Internal audit departments should obtain an external quality assurance review every five years. 

The IIA is recognized as the authoritative governing body for Internal Audit. A company’s internal audit department may only state that their activities are “conducted in accordance with the IIA Standards” if the department subjects itself to a quality assurance review and attains a favorable compliance rating. Audit Committees, Executive Management teams, and external stakeholders view the quality assessment review as a best practice to further strengthen risk mitigation, controls, and corporate governance practices within their companies. A “clean” quality assessment review should also increase the amount of reliance external auditors can place on internal audit testing and documentation, potentially translating to reduced external auditor hours and related fees.

SC&H’s methodology incorporates the key points of the IIA’s quality assessment review process. Our comprehensive evaluation considers the basic IIA Standards as well as your company's specific policies and procedures.  For more information on SC&H's QAR services, email SCH_Consulting@SCandH.com or call (410) 403-1500 | (800) 832-3008.