Standard 1312 of the International Standards for the Professional Practice of Internal Auditing (“the Standards”) requires that complying IA functions have an external quality assessment performed of their internal audit function every five years. This QA can take the form of an independent review, or of a self-assessment with independent validation.

This review not only allows the organization to state that their internal audit activities are conducted in accordance with the Standards, but also helps to build stakeholder and Audit Committee confidence and ensure that the IA function is operating effectively and efficiently.

As it is becoming increasingly common for companies to disclose the results of these QAs (see for example the article “Navigating Expectations” in the April 2019 IA Magazine) many companies choose to perform pre-reviews before undertaking the full QA. These pre-reviews focus on key areas of the audit process and provide feedback at an overview level on opportunities to refine the process before a full review is undertaken.

At Ascot Solutions, we are well positioned to lead QAs and to perform pre-reviews. All of our pre-reviews are performed by our Principal personally. Jim Scott is a Canadian CPA, CA, has completed the US CPA equivalency exam, and is a CIA and CRMA. He has completed the IIA’s Quality Assessment Training Course, and has 10 years of experience as the CAE of a $20 billion Canadian S&P/TSX60 company with operations of international scope. For full QAs, we also draw on local resources from companies with whom we have a virtual relationship, tailored to the specific assignment.