External Quality Assessment Review of Internal Audit Department

VIP SOLUTIONS CASE STUDY

BACKGROUND

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.

OBJECTIVES

VIP Solutions Case Study

Assess the internal audit function's conformance to The Institute of Internal Auditors' International Standards for the Professional Practice of Internal Auditing.

VIP Solutions Case Study

Evaluate the internal audit function's effectiveness in carrying out its mission as set forth in its charter.

VIP Solutions Case Study

Identify opportunities to enhance the internal audit function's management and work processes.

SOLUTIONS

VIP Solutions Case Study

Interviewed key stakeholders to obtain insights about the perception of the IA function's performance.

VIP Solutions Case Study

Reviewed supporting documents relating to the internal audit department's governance, staff, management and processes.

VIP Solutions Case Study

Assessed compliance with the standards set by the Institute of Internal Auditors.

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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.