EQA – what to expect and how to prepare

1. EQA – what to expect and how to prepare • A presentation by the IIA’s Technical Manager, Chris Baker

2. Because the Standards say so… • Attribute standard 1312: • ‘External assessments must be conducted at least once every five years by a qualified, independent reviewer or review team from outside the organisation.’ • But why………WIIFM?

3. Because it will help you to… • Recognise your achievements. • Be better at what you do. • Raise your profile. • Remove barriers. • Motivate your staff. • Open up new opportunities.

4. We tailor our approach to fit your needs What does the IIA offer? • Tailored options: • Validated self-assessment, • Facilitated self-assessment, • Full EQA. • Experienced Reviewers. • Quality and consistency. • An affordable alternative • At a fair price. • With no added selling.

5. Satisfied customers?

6. Discussions with audit committee members and senior managers. • Discussions with you about: • Risk based planning • Resources • Independence & objectivity • Quality • Approach and methodology • Reporting • Follow-up What’s involved?

7. What can I expect? • Understanding of your organisation and role IA plays. • Challenge. • Practical ideas and suggestions. • Closeout meeting, no surprises. • Discussion and development of the draft report. • A draft and final report in style that suits you. • Final report within your timescale

8. What do you get? • 2 Reports in a style that suits you. • Short report containing: • An opinion on your level of conformance to the Standards. • Practical ideas and suggestions for Audit Committee, senior management and IA. • Completed checklist containing Standard by Standard assessment with record of evidence review

9. Don’t just take it from me! The process felt constructive and supportive Focus of our review was on improving what we do and how we do it – it succeeded unequivocally We were kept informed of progress and emerging themes We had the opportunity to discuss the draft report in full

10. Common themes? • Top 5 high impact actions • Closer working relationships with Audit Committee members and senior executives – in particular develop risk management. • Focus your time on the things that matter – develop a strategy and plan around high priority risks and be flexible. • Coordinate with other assurance providers to avoid gaps and overlaps – create an assurance map for high priority risks. • Continually develop the knowledge, skills and experiences of your internal auditors – particularly tools & techniques. Take on specialist skills from internal and external sources. • Promote what you do and the value it brings – develop an education and communication plan.

11. How to prepare • Agree a timetable with the audit committee and senior management linked to audit committee meetings. • Engage the IA team – establish a lead contact point for reviewers. • Complete the self-assessment checklist – 60 separate standards so give yourself enough time. • Build a file of documents so the review goes smoothly. • Establish an interview schedule in advance.

12. Thank you - Learn More • Please look at the Quality services page on our new website • http://www.iia.org.uk/our-services/external-quality-assessment/ • Pick up a brochure or contact me directly • Chris.Baker@iia.org.uk