Quality Assurance Reviews
Quality Assurance Review (QAR)
It’s not just about compliance, it’s about adding value
It’s not just about compliance. Corporate misconduct and fraud is at an all-time high. Internal auditors are now expected to be risk and control experts and advisers to the organization. With such high expectations over the Internal Audit department, the Head Auditor must ensure the proper metrics are in place to monitor the performance of the department.
Elevate’s QAR services go beyond the compliance requirements and provide customized advisory services to ensure your department’s performance is maximized. Our recommendations incorporate the one-on-one candid feedback we receive from your executive team, board members and other stakeholders. In addition, we share with you the results from the anonymous feedback we receive during our survey exercise.
We provide ‘real-time’ feedback on the findings and on areas to improve. We’ll work with you to implement ‘quick win’, tactical recommendations to maximize your overall compliance with the Standards.
In today’s heightened regulatory environment, non-compliance is not tolerated. Boards and executives are savvier on governance, risk and compliance issues. Stakeholders of Internal Audit are beginning to ask the tough questions:
- Who audits our Internal Auditors?
- How are we monitoring the performance of Internal Audit?
- How is Internal Audit adding value to our organization?
Be proactive and provide objective, measured and credible answers to these questions before they are asked. As Internal Auditors, we promote best practice and act as the catalyst for change within the organization. Lead by example, start implementing your best practice today.
In order to comply with the Institute of Internal Auditors’ International Standards for the Professional Practice of Internal Auditing (the Standards), a QAR is required at least once every five years. These reviews are usually requested by and performed for internal audit to determine whether Internal Audit is in conformance with the Standards.