Knowledgeable Harrisburg CPAs Provide Internal Audit Quality Assessments
Seasoned Chief Audit Executives evaluate your department’s performance
You place a great deal of stock in the results of your internal audit department. You use that information to make decisions related to operations, compliance, risk, internal controls, accounting, and a number of other areas vital to your company. But how do you know if your internal audit function is complying with professional standards, adding value to your organization, or protecting the organization’s stakeholders? In other words, how do you know the information you’re getting is accurate and reliable? Could your internal audit department, or the consultants you hired, have made material mistakes or omissions that will come back to haunt you? Because, as a fiduciary, you are always better off safe than sorry, Breon & Associates provides internal audit quality assessments. Led by seasoned current and retired Chief Audit Executives, our assessment team examines your internal audit activity for compliance with professional standards, efficiency and effectiveness and identifies opportunities for improvement.
Applying accepted standards for internal audits
The Institute of Internal Auditors is the authority which has established the standards for professional performance in internal auditing. One such standard dictates that “The chief audit executive must develop and maintain a quality assurance and improvement program (QAIP) that covers all aspects of the internal audit activity.” At Breon & Associates, we work with company CAEs to help them accomplish this important task.
The essential elements of a QAIP include:
- A scope covering all aspects of the internal audit activity
- An evaluation of conformance with IIA Standards and Code of Ethics
- An appraisal of the internal audit activity’s efficiency and effectiveness
- The identification of opportunities for ongoing improvement
- The Board’s engagement in oversight of the QAIP
If your company has not yet established a QAIP, we can help you get started by conducting an internal quality assessment. Such an assessment establishes a benchmark for your internal audit activity that you can use to establish metrics. Later, these metrics can show whether your audit activity has improved in conformance with IIA Standards and internal audit best practices.
Managing your internal audit assessment
Our team has extensive experience with internal audit assessments. We assist companies who are unfamiliar with the process in conformance with IIA Standards, which call for:
- Ongoing monitoring of the performance of the internal audit activity
- Periodic self-assessments
- External quality assessments every five years
As consultants for your internal audit assessment, we help you integrate ongoing monitoring into the day-to-day supervision, review, and measurement of your internal audit activity. We suggest how you can incorporate this monitoring into your policies and practices, and how to employ processes, tools, and information that is necessary to evaluate your company’s conformance with IIA’s Code of Ethics and Standards.
Your self-assessments are intended to evaluate conformance with the essential elements of the QAIP, as well as the quality and supervision of audit work, and your auditors’ adherence to policies and procedures.
Let us perform an external quality assessment that will give your board and senior management team peace of mind that the internal audit function is protecting the organization. Our team has extensive experience presenting to boards and can provide a report on the results of your internal audit quality assessment that will address their concerns. We can help you provide assurance to your audit department’s stakeholders about the effectiveness of the function. Furthermore, if there are opportunities for improvement, our team can guide you and your stakeholders through suggestions for improvement.
We understand that these are highly technical and rather heady concepts for an overview, but one of our goals in assisting with your internal audit quality assessment is to render these concepts more concrete and to provide specific best practices you can follow to achieve greater efficiency. In this regard, one of the greatest advantages we provide is our highly personalized service. Our accomplished professionals have been through the process countless times, so we can offer comprehensive and detailed instruction that your staff can easily grasp and implement. After building greater efficiencies into your internal audits, you are in a much better position to improve your organizational efficiency at every level.
Contact Breon & Associates in Harrisburg for assistance with your internal audit quality assessments
If you want your company to perform at a higher level of efficiency, contact Breon & Associates. With offices in Harrisburg and North Central PA, Breon & Associates provides business, accounting and tax services throughout Pennsylvania. Call us at 1-888-516-8476 or 717-273-8626, or contact one of our offices online to schedule an appointment.
415 Market Street, Suite #205
Harrisburg, PA 17101
Camp Hill Office:
3461 Market Street, Ste 101
Camp Hill, PA 17011
901 Dawn Avenue, Suite A
Ephrata, PA 17522
4 Park Plaza, Lower Level