The Institute of Internal Auditors has developed an International Professional Practices Framework (IPPF) for the operations of an Internal Audit Function.
The Standard 1300 – Quality Assurance and Improvement Program states that “The chief audit executive must develop and maintain a quality assurance and improvement program that covers all aspects of this internal audit activity”.
Further, Statement 1312 – External Assessments states that “External Assessments must be conducted at least once every five years by a qualified, independent reviewer or review team from outside the organisation”.
Quality Assurance Reviews should include:
- Engagement with the
- Board or Agency Audit and Risk Committee
- Chief Executive
- External Auditors
- Senior Executives
- Internal Audit Leadership
- Internal Audit Staff
- Risk Managers or other governance staff
- Review of Internal Audit Management
- Review of Internal Audit execution
- IT article opinion on the level of conformance with the standards
- Recommendations for improvement
Jason Masters, as a leader of these reviews, is able to bring to bear multiple perspectives to these reviews, from being the Independent Chair of numerous Audit and Risk Committees and also formerly the chief Audit Executive for two major corporations. He also has broader skills in technology governance, probity and procurement, compliance, investigations and fraud.
To discuss your quality Assurance Improvement Program review, please contact Jason Masters.