External Quality Assessment Preparation
Getting ready for your next EQA
To demonstrate and certify conformance to the IIA’s International Standards for the Professional Practice of Internal Auditing and Code of Ethics, you must complete an External Quality Assessment (EQA) at least once every five years.1
Audit Practice Support will help you prepare for your EQA, all while helping you create a world-class quality assurance program.
What we do
We aren’t a consulting agency that tells you what to do and walks out the door, we do the work to get you ready!
Our assessment is centered around the three internal audit activities defined by the current guidance provided by the IIA as recommended conformance to the standards.2
Internal Audit Activity
Governance
Professional Practice
Communications
The first thing we do is validate your internal audit governance documentation. Typically this includes:
- Creating your governance documentation (charter, independence and ethic confirmations, strategic plan, etc.)
- Perform stakeholder and employee surveys
- Documenting your policies, procedure and methodology
- Documenting your career development model
Then, we test your professional practice processes, audit results and communications to validate that it matches your methodology and meets the quality standards set by the IIA.
Our final deliverable to you is a professional report that you can give to your audit committee and executive management that will provide them with the details of the recommendations and the remediation that took place. This will demonstrate not only your conformance to the standards but will also elevate their appreciation of the quality audit work you perform.
When we are done, you can be assured that you will go through the EQA process without worry of any significant findings. In fact, after our work we typically recommend you consider the self-assessment with independent external validation option for your EQA. This is cheaper than the typical external review. We will even help you find appropriate companies in your industry to perform this work for you.
We will Elevate your Audit!
It is a bold claim, but we guarantee that through this service:
- You will be prepared for a simple and smooth external quality assessment.
- You will promote greater respect for your audit function and team to your executive leaders.
- You will increase the efficiency and effectiveness of your team.
- You will not have to sacrifice your audit plan to prepare for your EQA.
What about the upcoming changes to the standards?
We have performed a detailed analysis of the proposed changes to the standards and, although there are many changes that will impact your quality assurance program, the underlying principles remain the same. We will provide a more detailed list of the changes once the standards are officially released next year.
We will help your department implement these new changes. Act quickly and get us on your schedule as our available time will fill out quickly during the year. See our Align to Global Internal Audit Standards service for additional information.
Subscription Service
A world-class Quality Assurance & Improvement Program (QAIP) needs to be continuously monitored, updated, and the results regularly reported to be successful and demonstrate continuing conformance to the standards.
Our Internal Audit Quality Assurance & Support subscription service will help ensure your QAIP continuously provides value by saving precious auditor time, monitoring quality and helping you keep your department running efficiently.
See Quality Assurance & Support Subscription Service for additional information.