External independent quality assessment of the internal audit function
An assessment of the effectiveness and quality of the "third line of defense", the internal audit function, provides an independent opinion on internal audit and the reliability of its findings.
Why is an external assessment of internal audit necessary?
An organisation can claim compliance with the International Standards for the Professional Practice of Internal Auditing only if its internal audit function undergoes an external quality assessment at least once every five years.
The assessment of the internal audit function allows to:
- determine the current maturity level of the internal audit function;
- identify gaps in its organisation (if any);
- optimise the internal audit function;
- define areas to boost the quality and efficiency of the internal audit function.
Assessment approaches:
- full independent external review;
- independent external validation of self-assessment results.
Areas of analysis:
- Compliance of internal audit activities with:
- International Standards for the Professional Practice of Internal Auditing and the Code of Ethics.
- Applicable national laws, regulations, and recommendations of national legislation.
- Internal policies of the organisation.
- Effectiveness and efficiency of internal audit.
- Contribution of internal audit to enhancing risk management, internal control, and corporate governance systems.
- Skill set of internal audit staff.
- Whether internal audit activities benefit the organisation and result in improvements in its activities.
Upon completion of the assessment, the client receives:
- Compliance statement confirming adherence to International Standards for the Professional Practice of Internal Auditing and the Code of Ethics.
- Detailed report with observations, recommendations, and action plans to boost audit quality and effectiveness.
- Presentation of findings and improvement roadmaps (if required).
Our advantages
Solid Reputation
FBK consistently takes top positions in RAEX largest industry ranking and other professional rankings.
Expert Team
FBK experts have proven expertise – audit diplomas, ACCA (DipIFR) certificates, IAB and professional accountant certificates from the Institute of professional accountants of Russia (IPAR).
One-stop shop principle
Each project is supervised by a dedicated project manager to ensure seamless coordination.
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