There are six key areas that should be considered during Quality Assessments (QA). Previous blog posts covered four of them—Audit Structure, Risk Assessment & Audit Planning, Staff Proficiency and Information Technology . The next is Completion of the Audit Plan & Value Added: How does the internal audit (IA) team monitor and improve report issuance cycle time? Does the team compare actual audits started and completed to those planned for the period and communicate results to management? How does the IA group measure value added to the organization, e.g., client surveys, savings, process efficiencies and improvements put in place?
The timely issuance of reports after field work and completion of planned audits are important metrics for gauging the effectiveness of the IA team, but the value added by the team is another metric that has gained importance. Chief audit executives are beginning to view the QA as an opportunity to validate their actions to their audit committees and build credibility. Recommendations that increase the value added to their organizations contribute to management’s perception of an IA group as a go-to partner and consultant that has the organization’s best interests as its top priority. Such recommendations typically include those that result in cost savings or increase process efficiencies.
Read about other key areas that should be considered for quality assessments by clicking the links below:
How BKD CPAs & Advisors Can Help
BKD’s Enterprise Risk Solutions (ERS) division provides specialized resources that deliver the right combination of knowledge and skills to achieve integrated results. Our ERS division features experienced professionals who provide Quality Assessment services to organizations seeking to improve their IA activity’s effectiveness and value. Contact us to learn more.
Latest posts by Cynthia Bosotin (see all)
- Six Ways a Quality Assessment Adds Value to Internal Audit: Part 6 - October 29, 2014
- Six Ways a Quality Assessment Adds Value to Internal Audit: Part 5 - October 27, 2014
- Six Ways a Quality Assessment Adds Value to Internal Audit – Part 4 - October 21, 2014