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Quality Assurance and Improvement Program

Quality Assurance & Improvement Program

Internal Audit’s Quality Assurance and Improvement Program (QAIP) is designed to provide reasonable assurance to the various stakeholders of the Internal Audit activity that Internal Audit:

(1)  Performs its work in accordance with its Charter, which is consistent with The Institute of Internal Auditors International Standards for the Professional Practice of Internal Auditing (Standards), Definition of Internal Auditing and Code of Ethics, and the Government Accountability Office’s Generally Accepted Government Auditing Standards (GAGAS);

(2)  Operates in an effective and efficient manner; and

(3)  Is perceived by stakeholders as adding value and improving Internal Audit’s operations.

The Internal Auditor is ultimately responsible for the QAIP, which covers all types of INTERNAL AUDIT activities, including consulting.

INTERNAL ASSESSMENTS

A.  Ongoing Reviews – Ongoing quality assessments are conducted through:

  • Internal Auditor supervision of engagements
  • Audit Policies and Procedures used for each engagement to ensure compliance with applicable planning, fieldwork and reporting standards
  • Documented Post Audit Quality Assessment performed by the lead auditor
  • Documented Audit Review Quality Assessment for audit work papers and audit report performed by the Internal Auditor
  • Feedback from auditee questionnaire for each engagement
  • Analyses of performance metrics established to improve effectiveness and efficiency

B.  Periodic Reviews – Periodic assessments are designed to assess conformance with Internal Audit’s Charter, the Standards, Definition of Internal Auditing, the Code of Ethics, and the efficiency and effectiveness of internal audit in meeting the needs of its various stakeholders.  Periodic assessments will be conducted through:

  • Annual risk assessments for purposes of annual audit planning
  • Annual Self-Assessment will appraise and express an opinion about internal audit’s conformance with the Standards, Definition of Internal Auditing and Code of Ethics, and the GAGAS. 
  • Review of internal audit performance metrics and benchmarking of best practices

EXTERNAL ASSESSMENTS

A.  General Considerations – The Annual Self-Assessment with validation from an independent auditor will serve as the External Assessment.  External assessments will appraise and express an opinion about internal audit’s conformance with the Standards, Definition of Internal Auditing and Code of Ethics, and the GAGAS.  Assessment will include recommendations for improvement, as appropriate.

B.  Timing – An external assessment will be conducted every three years.

REPORTING ON QUALITY PROGRAM

A.  Internal Assessments – Results of Annual Self-Assessment will be reported to the Governance Committee.

B.  External Assessments – Results of external assessments will be provided to the Governance Committee.  The external assessment report will be accompanied by a written action plan in response to significant comments and recommendations contained in the report.

C.  Follow-up – The Internal Auditor will implement appropriate follow-up actions to ensure that recommendations made in the report and action plans developed are implemented in a reasonable timeframe.

ADMINISTRATIVE MATTERS

This policy will be appropriately updated for changes in the Standards, the GAGAS, or internal audit’s operating environment.