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When I ask this question, I usually get a variety of answers ranging from "no one" to " the audit committee"! While the Internal Audit Activity is not subject to audit in the same way other company business units and processes are ,there are ways management can get reasonable assurance that the internal audit department is doing what it is supposed to do. One of these ways is the External Quality Assessment. IIA Standard1300 covers the Quality Assurance and Improvement Program that need to be established by the CAE covering all aspects of the internal audit activity. Standard1312 requires that "External Assessment must be conducted at least once every five years by a qualified,independent assessor or assessment team from outside the organization. The chief audit executive must discuss with the board: •The form and frequency of external assessment,and •The qualification and independence of the external assessor or assessment team,including any potential conflict of interest." The interpretation of the standard explains that external assessment can be in the form of a full external assessment,or a self -assessment with independent external validation. In addition to the external assessment ,the standards call for internal assessment which must include: •Ongoing monitoring of the performance of the internal audit activity,and •Periodic self - assessment or assessments by other persons within the organization with sufficient knowledge of internal audit practises. Do you think the above is adequate to provide management with reasonable assurance that the internal audit activity is performing its duties in conformity with the IIA standards? If not, what else would you suggest to do,for example: •Have the external auditors audit the internal audit activity •Have a peer review by other internal audit activity of an unrelated company. •Have an external assessment every year or two. Please share your experience and thoughts. Source: http://waelbibi.blogspot.ca/2013/08/who-audits-internal-auditors.html
external auditors on the request of management of the company can audit internal audit activities.
The Internal Auditor placed high in the organisation and its performance is been assessed by External and Regulatory Auditors. The success/failure of internal audit reflects from the result of external and statutory audits. The Board Risk committee and Senior Management has to ensure effective controls are in place.
Audit Committee
Sir in the ITES sector it is the client as an external auditor who investigates the internal audit. But here accounts is not the only criteria. There are other factors involved like no of customers assited, average handling time per call,customer delight survey etc. Hope my answer was useful
Answer: CAE,CEO and the Audit Committee.
Regards,
Joshi Mathew
CIA
The chief audit executive must develop and maintain a quality assurance and improvement program that covers all aspects of the internal audit activity and continuously monitors its effectiveness. The program must be designed to help the internal auditing activity add value and improve the organization’s operations and to provide assurance that the internal audit activity is in conformity with the Standards and the Code of Ethics.
The CAE heads the intermnal audit dept and the Audit committe review the dept performance. Followed by planned occassional review conducted by the external auditor(s), to evaluate the processes, audit charter etc with its effectiveness, objectivity and independence.
I think it is Being Documented at the IAA Charter which being Supervised and Authorized By the Audit Committee which Plans the Periodic Quality Assurance Program to Evaluate Internal Audit Function and this is done as a Matter of Fact by third Party in Liaison between Audit committe & CAE and External auditor from the other side , and may be IAA QA Program Be Done By internal auditors from other Firms which is Independent or Coalited with IAA Corporation and Again the Document which determines this Actions is IAA Charter ;
