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Internal Audit

The Framework for Quality Assurance issued by the Institute of Internal Auditors (IIA) indicates that purpose of engaging an external auditor by business entities to evaluate the performance of internal audit function is to provide the stakeholders with assurance that the internal audit activity is performed in accordance with the relevant international standards of internal auditing, and that the internal auditors comply with the code of ethics.

Performance assessment of internal audit function is termed by the Institute of Internal Auditors (IIA) as “Quality Assurance and Improvement Program (QAIP)”, which enables an evaluation of the internal audit activity’s conformance with the Definition of Internal Auditing and the International Standards for the Professional Practice of Internal Auditing (Standards) and an evaluation of whether internal auditors apply the Code of Ethics. The program also assesses the efficiency and effectiveness of the internal audit activity and identifies opportunities for improvement.