According to IIA Standard 1312-External Assessments, external assessments must be conducted at least once every five years by a qualified, independent assessor or assessment team. The Chief Audit Executive must discuss with the board: the need for more frequent external assessments, and the qualifications and independence of the assessor or assessment team, including any potential conflicts of interest.
An external assessment of the quality of internal audit in your organization (regardless of whether your company belongs to industry, financial institutions, or the public sector) would include:
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Assessment of the position of internal audit in your organization,
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Assessment of the quality of human resources management and utilization,
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Assessment of strategic and annual plans,
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Assessment of the implementation of internal audit engagements,
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Assessment of communication channels with shareholders/owners representatives,
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Conducting interviews (with the Chief Audit Executive, Chairman of the Audit Committee, members of the Board of Directors, members of Senior and Operational Management, internal audit staff, members of the external audit team),
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Assessment of the internal audit work program:
- management processes of internal audit,
- internal audit staff,
- management processes of internal audit,
- tools for preparing the internal audit activity map,
- Preparation of the External Quality Assessment Report of the internal audit:
- specification of the subjects of observation,
- reporting on the samples used for the purposes of a comprehensive external quality assessment,
- final External Quality Assessment Report in accordance with IIA standards.
Members of the audit team at HLB Mont Audit are recognized certified experts in the field of audit profession (external and internal) at both domestic and international levels, as well as in the field of risk management systems assessment, internal control systems, and compliance monitoring.