Assessing the effectiveness of the internal audit service

An independent assessment of the quality of the internal audit function will allow

Understand the current state of the internal audit unit, non-compliance with the requirements of the International Standards for the Professional Practice of Internal Auditing, existing problems and opportunities to improve efficiency.

Obtain an independent opinion on the compliance of the activities of the internal audit unit with the requirements and expectations of key users of internal audit services, and on the performance of the unit’s goals and objectives.

Obtain an independent opinion on how effectively the internal audit department is integrated into the corporate governance system of the company and what are the ways to improve the interaction of the department with stakeholders.

Obtain practical recommendations to improve the effectiveness of the audit, including both in terms of planning the activities of the internal audit unit for a certain period, and within the planning and conduct of individual audits

Obtain a professional assessment of the adequacy of the knowledge, experience and education of employees of the internal audit unit, as well as evaluate the effectiveness of tools and techniques used in conducting audits

Assessment Results

  • A detailed report, which will indicate the shortcomings in the activities of the internal audit unit, identified during the analysis and the corresponding recommendations for their correction.

  • All comments will be categorized according to their importance.

  • The report will be agreed with the head of the internal audit department and provided to all interested parties (Management and the Audit Committee).

The analysis of the activities of the internal audit unit will include

Analysis of documents governing the activities of the internal audit unit (internal regulations, organizational structure, job descriptions, methods, policies and procedures for conducting audits). Interviews with senior management, heads of departments, and employees of the internal audit department. Analysis of strategic and annual plans based on a risk-based approach, audit reports, including risk analysis, audit plans, audit working papers and communications. Review of the internal audit quality assurance and improvement program and reports on its implementation

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