Benchmarking of the Internal Audit Function

INTERNAL AUDIT QUALITY ASSESSMENT FRAMEWORKA Tool for DepartmentsVersion 1 December 2006CONTENTSPageOverview and User Guide 3Internal Audit Quality Assessment Framework Tool 71.Governace 82.AuditStrategy 14 3.People,KnowledgeandSkills 16 4.AuditProcessesandResources 18 5.OtherAssuranceProviders 20 6.Outputs–AuditProducts 22 7.Outcomes 248. Overall Summary of Progress 269. Overall Action Plan 27 10. Annex A - Detailed Questions 2OVERVIEWandUSER GUIDE TO THE INTERNAL AUDIT QUALITYASSESSMENT FRAMEWORK IntroductionThe Internal Audit Quality Assessment Framework (IAQAF) is a tool for evaluating the quality of the internal audit service in an organisation. It is intended to: o Facilitate identification of actions for continuous improvemento Facilitate evaluation of progress with improvement plans o Provide an approach to both internal and external Quality Assurance reviewswhich is not “tick box” and which goes beyond compliance with the Standards aloneThe approach is broadly inspired by the Risk Management Assessment Framework(RMAF). As with the RMAF, the IAQAF has been adapted from the EFQM model.The Broad Approach The Framework has seven high level elements. These elements encompass enablers for effective internal audit, the capability of the internal audit function to deliver, and the results of internal audit work. Although reference with the Government ...