In order to conform with the International Standards for the Professional Practice of Internal Auditing (Standards), every internal audit department should have an evaluation of its activities’ conformance with the Definition of Internal Auditing and an evaluation of whether internal auditors apply the Code of Ethics.  An internal audit department must obtain an external assessment at least every five years by an independent review to maintain conformance with the Standards.

All internal audit activities, regardless of industry, sector, or size of audit staff must maintain a QAIP that contains both internal and external assessments. External assessments enhance value, as they enable the internal audit activity to evaluate conformance with the Standards; internal audit and audit committee charters; the organization’s risk and control assessment; the effective use of resources; and the use of successful practices.

Internal assessments are ongoing, internal evaluations of the internal audit activity, coupled with periodic self-assessments and/or reviews.   GoldSRD can assist with both internal assessments and external, independent reviews.  We try only to validate compliance with the Standards but also look for efficiencies and effectiveness and apply industry leading practices to continue to mature your internal audit department. 

Contact us to learn how GoldSRD can assist you with all of your Quality Assurance needs, both internal and external.

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