Demands on internal audit (“IA”) functions have never been greater or more complex, with corporate governance, risk management and internal controls under increased scrutiny by regulators and stakeholders alike. IA functions are the last line of defense for any organisation to ensure that these elements are in line with ever increasing expectations. Making sure that audits performed are of high quality is key to ensuring that the function remains relevant to the needs of the business.
This booklet (~5 minute read) outlines key concerns for IA quality and identifies the key elements and action points for developing an effective Quality Assurance Improvement Programme (“QAIP”). Beyond the traditional QAIP, it also identifies how data analytics, continuous risk assessment and other measures can provide rich insights to audit committees.