External Quality Assessment

Elevate Your Internal Audit Function

External Quality Assessments (EQAs) provide an independent assessment that evaluates the conformance of an internal audit department with the International Professional Practices Framework (IPPF) and practices established by the Institute of Internal Auditors (The IIA). EQA enhances credibility, improves audit quality, promotes professional development, and ensures alignment with standards and best practices. These ultimately contribute to the department’s ability to provide valuable assurance and advisory services to the organization.

More importantly, EQAs build stakeholder trust and confidence by showcasing your commitment to quality, transparency, accountability, and continuous improvement. By validating and optimizing your internal audit function, you reassure investors, regulators, and customers of your commitment to robust governance, effective risk management, and stringent compliance. Additionally, EQAs elevate the profile of your internal audit activity within your organization, providing clear evidence to the board, audit committee, senior management, and staff that the operation of your internal audit department meet the highest standards.

Transform your internal audit function into a strategic asset.

Experience. The Difference.

What is the EQA Process?

Our team of certified internal auditors and quality assessors brings unparalleled expertise and experience to help your organization with the quality assessment of your internal audit activity. By conducting a thorough EQA, we identify gaps and areas for improvement, enhancing the efficiency and effectiveness of the internal audit activity and fulfilling the compliance requirements established by The IIA.

Full-Scope Assessment: This involves an independent assessment team led by an experienced and professional team leader and assisted by qualified team members. This comprehensive option requires less work from your internal audit activity as our team handles the complete assessment of your internal audit function.
Self-Assessment with Independent Validation (SAIV): In this approach, your internal audit team performs the self-assessment portion, and our team reviews the self-assessment and provides an independent validation. This option allows your team to complete most of the work, while still benefiting from an objective external review.

Tailored Support for Every Need

We provide external quality assessments (EQAs) for all industries, including financial services, healthcare, manufacturing, and beyond. The Institute of Internal Auditors (IIA) mandates that all internal audit activities, regardless of size or structure, must undergo an EQA at least once every five years by a qualified, independent assessor. Our proven four-step process ensures open communication and engagement throughout the assessment, transforming the audit process into a strategic asset for your business.

Industry Involvement

EQA Solutions

How Can We Help?

Our EQA team is ready to help you improve the readiness of your internal audit function, ensuring that your internal audit practices remain effective and efficient. Our service offerings include:

Full scope assessments
Self-Assessment with Independent Validation (SAIV)

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McKonly & Asbury has partnered with Ollie’s for our Sarbanes-Oxley compliance needs since 2015. Their team really stepped up to meet deadlines that shifted earlier than any of us anticipated, and they have continued to find solutions for our compliance needs that are both practical and acceptable for our company as well as our big-four audit firm.

Jay Stasz — Ollie's Bargain Outlet, Inc.

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