Management Concerns
Internal Audit
  • Do we have a strong and independent Internal Audit function?
  • Is the Audit function adequately staffed and trained to deal with key business risks?
  • Does our Audit scope adequately covers all critical areas of our business operations?
  • Are we monitoring our Audit activities adequately?

Internal Audit

Internal Audit Quality Assurance Reviews

As per the requirement of the IIA Standards an external review of the internal audit activity is required to be conducted after every 5 years. These reviews are designed to assess the activity's conformance with the Standards and its effectiveness in providing assurance/consulting services to the organization's board of directors, senior executives and other interested parties.
A Quality Assessment Review facilitates can identify improvement opportunities and provide counsel to the chief audit executive and staff for improving their performance and services, as well as promoting the image and credibility of the internal audit activity.
We evaluate IAD's conformance with IIA Standards and identify opportunities to improve internal audit performance and services.

Associated Risks

  • Non Compliance with the IIA Standards for Professional practices of Internal Auditing
  • Lack of Credibility of IAD findings and recommendations
  • Lack of effective monitoring of IAD Quality
  • Lack of Continuous improvement in Quality in the absence of a benchmark

Our Related Services

  • Internal Auditing Standards and IIA's Code of ethics compliance reviews
  • Gap identification and consultancy for remedy
  • Training & Consultancy in Compliance preparedness
TAG Group Clients