See how your function compares with those we have reviewed
As an independent provider of internal audit effectiveness reviews, the Chartered IIA has unique insight into how internal auditing functions operate. Our annual report brings together the findings from reviews undertaken across a range of sectors. It provides benchmarks and highlights potential areas for improvement. In it, we examine the significant trends, examples of good practice and the key areas for improvement in five core aspects of internal audit:
- Positioning
- People
- Performance
- Planning
- Processes
Executive summary
During 2016/17 we undertook 23 reviews (11 in the public sector, 9 in the private sector and 3 in the Financial Services sector) of which 15 generally conformed to the IIA Standards, 4 partially conformed and there was one instance where the internal audit function did not conform to the Standards. This means 98% of internal audit functions we see are achieving high or good levels of performance which is an increase of 13% conformance since 2015/16.
This window into internal audit practice provides interesting reading with grounds for both optimism and concern.
- At the top end of the results (upper quartile) we have been impressed by the approach and outlook of those internal audit functions who deliver the standards with no non-conformances and very few partial conformances.
- Within the middle ground (2nd & 3rd quartiles) we typically see internal audit functions that perform well with no more than 5 or 6 partial conformances and perhaps an isolated non-conformance.
- The positive message from our experience is that only 2% of internal audit functions are having difficulty conforming to the standards with 10 or more partial or non-conformances from a total of 56. This equates to an improvement in non-conformance of 23% in comparison to the 2015/2016 EQA Benchmark report.
Continuing…
