VIP SOLUTIONS CASE STUDY
An international commercial airline carrier needed an External Quality Assessment Review to provide assurance that the internal audit function was in compliance with IIA Standards.
Assess the internal audit function's conformance to The Institute of Internal Auditors' International Standards for the Professional Practice of Internal Auditing.
Evaluate the internal audit function's effectiveness in carrying out its mission as set forth in its charter.
Identify opportunities to enhance the internal audit function's management and work processes.
Interviewed key stakeholders to obtain insights about the perception of the IA function's performance.
Reviewed supporting documents relating to the internal audit department's governance, staff, management and processes.
Assessed compliance with the standards set by the Institute of Internal Auditors.
Identified process improvement opportunities.
The EQA concluded that the IA department complied with the standards. This report was communicated to the Board of Directors and Executive Leadership Team, and used as part of the quality standards communicated to stakeholders.