Quality Assurance Reviews assesses:
- How effective the Internal Audit Activity is in providing assurance and consulting services to the board, senior executives, and other interested parties.
- Conformance to the Standards and provide an opinion as to whether the Internal Audit (IA) activity generally conforms to all of the standards.
Apart from the fact that the IA standards requires the performance of these reviews clients facing the following challenges may want to invest on the performance of such a review:
- Where the Internal Audit Function lacks credibility and are perceived to be ineffective or not adding value to the organisation and
- Where an organisation is struggling to establish an Internal Audit Function or want to establish a road map to enhance the Internal Audit Function.
Deloitte professionals help organisations enhance the effectiveness, quality, and value received from IA.
The assessments can help with:
- Alignment with the expectations from key stakeholders
- Assessing whether the Internal Audit Functions are able to meet these expectations and secure the resources needed; and
- Confirmation as to whether the Internal Audit Functions are meeting the needs of the organisation.
It also enables the identification of opportunities, offer recommendations for improvement and provide counsel to the Chief Audit Executive (CAE) and staff for improving their performance and services and promoting the image and credibility of the Internal Audit Function.