Mirror, Mirror on the Wall….. what is the best Internal Audit Activity of them all?
Having a strong, robust Internal Audit (IA) Activity should not be a fairy tale. Quality Assessment Reviews (QAR) should be performed by a qualified, independent review team in order to comply with the IA Activities detailed by the Institute of Internal Auditors International Standards for the Professional Practice of Internal Auditing (the Standards). Let us help you to ensure that there is a happy ending to your value-add story.
Benefits of a QAR Review
By more thoroughly evaluating their IA Activity via a QAR, our clients are better positioned to ensure their efforts are focused on – just like Goldilocks – the right things at the right time with the right resources. The goal is to maximize IA value to the organization as a whole. It is all about validating the return on investment, identifying current strengths and opportunities for improvement.
A QAR can answer the following:
- Is the IA Activity adding value?
- Is the IA Activity planned according to their time and resources effectively and efficiently?
- Is enough time devoted to Information Technology?
- Are the IA results of their reviews significant and meaningful for the organization?
- Does the IA Activity continuously improve its performance against stated metrics?
- Is the IA Activity focused on the appropriate areas? Are they communicated effectively?
- Does the IA activity adopt Industry and IA common and best practices?
- Does the IA function fully utilize advances in technology? Data mining? Continuous monitoring?
The QAR provides an opportunity to:
- Validate strengths and identify further opportunities
- Align IA Activity to key stakeholder expectations
- Effect meaningful key performance metrics
- Provide a roadmap for agreed upon improvements
The demand for QAR services is increasing due to:
- Constant change in the industry
- Increased complexity and risk that organizations face
- The need for all to do more with less
- Holistic perspective of risks and how to mitigate them
- Limited risk and control resources
MMY uses the proven Institute of Internal Auditors Quality Assurance Manual, experienced and skilled resources as well as the associated tools to perform the QAR. This provides a standard and efficient way to gather evidence, conduct the assessment and deliver a comprehensive review to each of our clients.