Getting the most out of your internal audit function is now a business imperative. Whether voluntary or based on instructions from your audit committee, a third-party quality assessment review (QAR) can assess your internal audit function’s capacity and capabilities, enhancing its performance and achieving the best results for your organization. Your internal audit function is central to your organization’s ability to meet required standards, and a proper QAR can ensure that it operates as effectively as possible.
The Institute of Internal Auditors (IIA) Standard 1312 requires that every internal audit function perform an external quality assessment (EQA) at least once every five years. Involving PwC to perform an EQA and report to you or your audit committee about the quality of your internal audit function ensures independence and fosters increased credibility and awareness.
At PwC, we will review your internal audit function against IIA standards, rules and recommendations, and most importantly, we use our experienced internal audit staff to help you develop a world-class approach to internal audit, involving techniques and tools that meet the needs of your organization.