Internal Audit Quality: Developing a Quality Assurance and Improvement Program.pdf
Major corporate and financial market collapses over the last decade have placed increased focus on the role of internal auditing in good corporate governance. Where internal audit exists, questions have emerged as to why the risks associated with major corporate collapses were not foreseen. Where internal audit was notably absent, the question has been asked as to whether internal audit could indeed have made a difference. These types of questions challenge the value of internal audit. As value is intrinsically linked to quality, a low quality internal audit activity will have diminished value. However, a high quality internal audit activity has the potential to deliver significant value to an organisation through embedding effective governance and providing assurance over the efficiency and effectiveness of operations.The emerging need for internal audit to deliver value, as well as the quality and value requirements under the "Standards," all place greater demands on heads of internal audit to create well-defined quality programs. Nonetheless, recent research from the IIA (CBOK Study) has determined that the majority of internal auditors are not meeting their quality requirements under the "Standards." A key reason for this may be the limited resources available to assist internal auditors to meet these requirements.This book provides comprehensive and up-to-date guidance to internal auditors to undertake a quality assessment.