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What is an EQA?
An external quality assessment, or EQA, evaluates conformance with the International Professional Practices Framework (IPPF) which includes the Code of Ethics, the Core Principles, the Definition of Internal Auditing and the International Standards for the Professional Practice of Internal Auditing (Standards).
The assessment includes an evaluation of whether internal auditors apply the Code of Ethics. The assessment will also include conformance with the financial services code and the public sector standards (PSIAS) if you operate in these sectors.
Why do you need an EQA?
Five reasons why you need an EQA:
- To adhere to standards
- To provide independent assurance
- To raise the profile of organisation
- To benchmark your activities against best practice
- To improve the performance of your internal audit function through ideas and suggestions of how performance can be enhanced
Why choose us?
Top reasons why you should work with us and what we offer:
- Standard setting: As advocates of the IIA standards, we’re ideally placed to support you in conducting EQA reviews
- Independence: We are independent of any other organisation and because we set the standards, we truly understand them.
- Flexibility: Our highly qualified and experienced reviewers deliver bespoke reviews to match your requirements.
- Objective: We have no vested interest beyond promoting and developing the profession.
- Transparency: We take an open, pragmatic, and collaborative approach to discussing ideas.
Which service is right for you?
Our readiness assessment will help you prepare for a full EQA and give your internal audit function a ‘health check’. We’ll look at the foundations and attributes of your internal audit function and highlight potential risks to your conformance with the Standards. They will also offer guidance on how to address these issues and improve effectiveness.
We will validate the self-assessment carried out by the head of internal audit. We will review evidence and conduct interviews with senior management and the chair of the audit committee.
Our reviewers will provide a full EQA that involves surveys and interviews with the head of internal audit, internal audit staff, audit committee members, customers and stakeholders. This is supported by an examination of the internal audit approach and methodology leading to the completion of an independent report.
Follow up review
We’ll assess your implementation of EQA action points and acknowledge the progress you’ve made since your last review. Members can benefit from a free self-assessment check list, a great resource to help prepare for an EQA or to benchmark the quality of your current internal audit process.