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Internal Audit Quality Policy

Internal Audit will conform to the following Quality Policy:


1 Standards 1300 and 1310 – Quality Assurance and Improvement Program
1.1 A Quality Assurance and Improvement Program will be maintained for Internal Audit.
1.2 The Quality Assurance and Improvement Program will align to the ‘International Standards for
the Professional Practice of Internal Auditing’ (Standards) contained in the ‘International
Professional Practices Framework’ (IPPF) issued by the Institute of Internal Auditors (IIA).
1.3 The Quality Assurance and Improvement Program will comprise:
 Internal Assessments – Ongoing.
 Internal Assessments – Periodic.
 External Assessments.

2 Standard 1311 – Internal Assessments – Ongoing


Ongoing internal assessments will include:
2.1 Work paper review and supervisor sign-off for internal audit engagements – in-house and service
provider.
2.2 Performance evaluations for internal audit engagements – in-house and service provider.
2.3 Actual versus budgeted analysis (monitoring metrics).
2.4 Client feedback survey after internal audit engagements.

3 Standard 1311 – Internal Assessments – Periodic


Periodic internal assessments will include:
3.1 Review of the Internal Audit Charter.
3.2 Self-assessment of conformance to the Standards.
3.3 Staff performance reviews (HR process).
3.4 Audit Committee and management feedback surveys.
3.5 Performance measures (KPIs).
3.6 File reviews for internal audit engagements – in-house and service providers.
3.7 Staff declarations.
3.8 Assertion on conformance to the Standards.
3.9 A statement from the outsourced internal audit service provider confirming their work conforms
to the Standards.

4 Standard 1312 – External Quality Assessment


4.1 An independent External Quality Assessment of Internal Audit will be performed at least once
every 5 years by an independent assessment team from outside the organisation.

Copyright © 2017 by The Institute of Internal Auditors–Australia


An independent External Quality Assessment was performed in <Year>, with the
recommendations implemented.
The next independent External Quality Assessment is due in <Year>.

5 Standard 1320 – Reporting on the Quality Assurance and Improvement Program


5.1 The results of the Quality Assurance and Improvement Program will be reported annually to the
Audit Committee and senior management, including:
 The scope and frequency of both internal and external assessments.
 Conclusions of assessors.
 Corrective action plans.
 The qualifications and independence of the assessor or assessment team, including potential
conflicts of interest.
5.2 The above requirement has been included in the annual planning calendar of the Audit
Committee for a specified meeting date.
5.3 The landscape table commencing on the following page will be used as the reporting format to
the Audit Committee and senior management.

6 Standard 1321 – Use of “Conforms with the International Standards for the Professional
Practice of Internal Auditing”
6.1 This statement may be used, but only when results of the Quality Assurance and Improvement
Program support such a statement.

7 Standard 1322 – Disclosure of Non-conformance


7.1 Instances of non-conformance with the Standards and the associated impact will be disclosed to
the Audit Committee and senior management as they occur.
7.2 Continued conformance with the Standards and the process for dealing with non-conformances
will be asserted annually in the Annual Assertion on Internal Auditing Standards.

Copyright © 2017 by The Institute of Internal Auditors–Australia


Quality Assurance and Improvement Program

Legend
 Generally effective OR
 Internal Audit good practice OR
 Generally conforms with The International Standards for the Professional Practice of Internal Auditing
 Opportunity for improvement OR
 Partially conforms with The International Standards for the Professional Practice of Internal Auditing
 Not effective OR
 Does not conform with The International Standards for the Professional Practice of Internal Auditing

No. Standard Quality Standard and Elements Frequency Timing Result Implement Review Responsible
1 1300, 1310 Quality Assurance and Improvement Program (QAIP)
1.1 Quality Assurance and Improvement Program Annual review 30 June
maintained for Internal Audit.
1.2 Quality Assurance and Improvement Program Annual review 30 June
aligns with the Standards.
1.3 Quality Assurance and Improvement Program Annual review 30 June
comprises:
 Internal Assessments – Ongoing.
 Internal Assessments – Periodic.
 External Assessments.
2 1311 Internal Assessments – Ongoing
2.1 Work paper review and supervisor sign-off for Ongoing During and after
internal audit engagements – in-house and service each audit
provider.
2.2 Performance evaluations for internal audit Ongoing After each audit
engagements – in-house and service provider.

Copyright © 2017 by The Institute of Internal Auditors–Australia


No. Standard Quality Standard and Elements Frequency Timing Result Implement Review Responsible
2.3 Actual versus budgeted analysis (monitoring Ongoing After each audit
metrics) after internal audit engagements:
 Budget versus actual time.
 Estimate versus actual elapsed time.
2.4 Client feedback survey after internal audit Ongoing After each audit
engagements.
2.5 A statement from the outsourced internal audit Ongoing After each audit
service provider confirming their work conforms to
the Standards.
3 1311 Internal Assessments – Periodic
3.1 Review of Internal Audit Charter. Annual 30 June
3.2 Self-assessment of conformance to the Standards. Annual 30 June
3.3 Staff performance reviews (HR process). Annual 30 June
3.4 Audit Committee and management feedback Annual 30 June
surveys.
3.5 Performance measures (KPIs). Annual 30 June
3.6 File reviews for internal audit engagements – in- Annual 30 June
house and service provider.
3.7 Staff sign declaration concerning: Annual 30 June All Internal
 Conformance to the <Organisation> Values. Audit staff and
service
 Conformance to the <Organisation> Code of provider
Conduct. personnel
 Conformance to the IIA Code of Ethics.
 Conformance to Internal Audit policies and
procedures.
 Conflicts of interest.
 Completion of professional development
requirements for Internal Auditors (minimum 40
hours each year).

Copyright © 2017 by The Institute of Internal Auditors–Australia


No. Standard Quality Standard and Elements Frequency Timing Result Implement Review Responsible
3.8 Assertion on conformance to the Standards. Annual 30 June
3.9 A statement from the outsourced internal audit Annual 30 June Service
service provider confirming their work conforms to provider
the Standards.
4 1312 External Assessments
4.1 An independent External Quality Assessment of 5-yearly Performed
Internal Audit performed at least once every 5 years <Year>
by an independent assessment team from outside Next <Year>
the organisation.

5 1320 Reporting on the Quality Assurance and Improvement Program


5.1 Results of Quality Assurance and Improvement Annual 30 June
Program reported to the Audit Committee and
senior management.

6 1321 Use of “Conforms with the International Standards for the Professional Practice of Internal Auditing”
6.1 Statement may be used, but only when results of
the Quality Assurance and Improvement Program
support such a statement.
7 1322 Disclosure of Non-conformance
7.1 Instances of non-conformance with the Standards As required Immediately
and associated impact are disclosed to the Audit (high impact)
Committee and senior management.
Annual 30 June
(attestation
statement)

Copyright © 2017 by The Institute of Internal Auditors–Australia