Internal Audit Quality

Major corporate and financial collapses over the past decade have highlighted the value of internal audit. With an increased focus on internal audit's role in good governance, management is demanding that internal audit provides assurance of the quality of its own activities. The IIA standards provide a framework for audit quality in the form of mandatory guidance. However, recent research indicates that the majority of internal audit functions do not fully conform with the standards and, as a result, are not servicing the needs of their organizations as well as they might. Written by an expert in internal audit quality assurance, Internal Audit Quality provides a roadmap for delivering quality and value aligned with the latest International Standards for the Professional Practice of Internal Auditing. Conformance with global standards is increasingly important in organizations of all sizes. Internal Audit Quality is the only guide that provides practical suggestions for achieving conformance as well as common quality traps that can lead to nonconformance. The resources in Internal Audit Quality make the Quality Assurance and Improvement Program (QAIP) implementation process fast and efficient. Each chapter contains a list of quality questions that can guide the assessment process, and Sally-Anne Pitt explains the basis of internal audit performance in a way that can be clearly communicated to stakeholders. In all, Internal Audit Quality is poised to become the authoritative guide to better practice internal auditing. Increasing the maturity of internal audit will require a thorough understanding of quality and value as well as knowledge of strategy, governance, people management, and audit processes. More than that, it will require an ability to communicate effectively with senior management and the board, ensuring that stakeholder expectations are understood and met. This is the primary goal of the QAIP, and reading this book is a major step toward achieving this goal.