Model_Quality_Assurance__Improvement_Program_1_ - Sample...

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ABC ORGANIZATION (ABC) – INTERNAL AUDIT (INTERNAL AUDIT) QUALITY ASSURANCE AND IMPROVEMENT PROGRAM (QAIP) – GENERAL Internal Audit’s Quality Assurance and Improvement Program (QAIP) is designed to provide reasonable assurance to the various stakeholders of the Internal Audit activity that Internal Audit: (1) Performs its work in accordance with its Charter, which is consistent with The Institute of Internal Auditors International Standards for the Professional Practice of Internal Auditing ( Standards) , Definition of Internal Auditing and Code of Ethics; (2) Operates in an effective and efficient manner; and (3) Is perceived by stakeholders as adding value and improving Internal Audit’s operations. To that end, Internal Audit’s QAIP will cover all aspects of the Internal Audit activity (1300). In this regard, a list of the features to be considered for the QAIP: Monitors the Internal Audit activity to ensure it operates in an effective and efficient manner (1300). Assures compliance with the Standards, Definition of Internal Auditing and Code of Ethics (1300). Helps the Internal Audit activity add value and improve organizational operations (1300). Includes both periodic and ongoing internal assessments (1311). Includes an external assessment at least once every five years, the results of which are communicated to the Board of Directors (BOD) through the Audit Committee of the Board of Directors (Audit Committee) (1312, 1320). The Chief Audit Executive (CAE) is ultimately responsible for the QAIP, which covers all types of INTERNAL AUDIT activities, including consulting. INTERNAL ASSESSMENTS A. Ongoing Reviews – Ongoing assessments are conducted through: Supervision of engagements Regular, documented review of work papers during engagements by appropriate Internal Audit staff Audit Policies and Procedures used for each engagement to ensure compliance with applicable planning, fieldwork and reporting standards Feedback from customer survey on individual engagements Analyses of performance metrics established to improve the IAA effectiveness and efficiency
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This note was uploaded on 02/16/2010 for the course BUS 587 taught by Professor Dr.homada during the Spring '10 term at Stanford.

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Model_Quality_Assurance__Improvement_Program_1_ - Sample...

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