Internal Audit Functions Must Undergo Regular, Independent Quality Assessments
The article highlights a critical oversight in many organizations: internal audit functions often fail to apply the same rigorous assessment to themselves that they apply to others. With the IIA's Global Internal Audit Standards, effective January 2025, mandating external quality assessments every five years, boards now have a direct governance obligation to ensure these evaluations are conducted independently and thoroughly. The author emphasizes that boards must actively track these assessments, differentiate between true independent assurance and mere self-assessment, and review the full reports, not just summaries, to ensure the internal audit function remains effective and credible.
