Internal Audit Assessment Tool

Given the importance of IA’s role, a regular evaluation of the IA activity can give boards and audit committees confidence that the internal auditors are performing their job effectively based on the International Standards for the Professional Practice of Internal Auditing, best practices, and the board and audit committee’s specific expectations.

This assessment tool offers suggestions for issues to be addressed in an evaluation based on established best practices. It is not intended as mandatory guidance, but rather as a resource that boards and audit committees can use in whole or in part to explore:

• The quality of the services the company is receiving from IA and the sufficiency of resources at its disposal.
• The level of communication and interaction with the IA team.
• The independence, objectivity, and skepticism of the IA team.

Each section includes a series of questions in fundamental areas that boards, audit committees, and others can ask to better understand the IA activity and to develop their own plans for enhancing the input and value of this important area.