At InConsult, we are committed to meeting the International Standards for the Professional Practice of Internal Audit and demonstrating quality and continuous improvement. We want our clients to be assured that our internal audit approach and methodology is second to none.
Whilst we believe we have high standards internally, we wanted to know what would an external, objective and independent review say about the quality of our internal audit services we provide to our clients.
In November 2020, InConsult engaged the Institute of Internal Auditors Australia to conduct an External Quality Assessment of our internal audit services to assess InConsult’s conformance with applicable mandatory requirements of the ‘International Professional Practices Framework’ (IPPF) issued by the Institute of Internal Auditors (IIA), including the ‘International Standards for the Professional Practice of Internal Auditing’.
We are delighted to advise that InConsult achieved the highest rating possible of “Generally Conforms”. The review concluded that:
“Internal audit services provided by InConsult to their clients are performed professionally and generally conform with the Internal Audit Standards; this is the highest rating that can be achieved. Client organisations value internal audit services provided by InConsult. InConsult consultants performing internal audit services are experienced and competent professionals.
Client stakeholders interviewed as part of the Quality Assessment expressed satisfaction with the internal audit services provided by InConsult.”
Standard 1312 states that External Quality Assessments must be conducted at least once every five years by a qualified, independent assessor or assessment team from outside the organisation.
The methodology used for the Quality Assessment involved a full scope assessment against the Internal Audit Standards performed by an assessment team from the IIA–Australia. This methodology is promoted by the IIA internationally. The scope of the independent audit review encompassed:
- Reviewing documentation.
- Reviewing selected internal audit engagement work papers.
- Performing limited testing to form an opinion on conformance to the Internal Audit Standards.
- Conducting confirmatory interviews with our clients and stakeholders.
- Reporting results.
OUR CURRENT STATE
The review confirmed the following:
- Internal audit services are well-managed.
- There is focus on internal audit quality with some opportunity for enhancement.
- A sound risk-based approach is adopted for internal audit planning
- There is a fit-for-purpose approach to planning and performing internal audit engagements
- There is a sound internal audit reporting approach
- Clients commented positively about InConsult relations with stakeholders.
- There are solid internal audit foundations in place.
- There is strong engagement with clients.
In terms of internal audit maturity, we scored very high – predominantly in the ‘Managed’ and ‘Optimising’ levels.
WHAT DOES THIS QUALITY ASSESSMENT MEAN FOR OUR CLIENTS?
Our clients can be reassured that InConsult is committed to quality and continuous improvement and that our internal audit activities are conducted in accordance with the International Standards for the Professional Practice of Internal Auditing (Standards).
From one-off audits to a three year audit program, we will tailor our internal audit services to suit your needs, size of your organisation and your budget.
Learn more about our Internal Audit and Assurance Services. We look forward to supporting our clients to help them take and manage risks with confidence.