Demands on Internal Audit (“IA”) functions have never been greater or more complex, with corporate governance, risk management and internal controls under increased scrutiny by regulators and stakeholders alike.
IA functions are the last line of defense for any organisation to ensure that these elements are in line with ever increasing expectations. Making sure that audits performed are of high quality is key to ensuring that the IA function remains relevant to the needs of the business.
The Institute of Internal Auditor’s (“IIA”) International Standards sets out the requirements and expectations on quality assurance for IA functions. Having a quality assurance function to continuously challenge the effectiveness of IA has become the new normal for large audit teams in all sectors.