Internal audit performance
A summary of effectiveness reviews of internal audit functions undertaken in 2020/2021
Operating at the highest level of professional and ethical competence has never been more important for internal auditors. Chief Audit Executives (CAEs) have risen to the pandemic challenges and continued to deliver assurance against a backdrop of almost constant change to the organisation’s risk profile. As we continue to navigate the pandemic impact, the spotlight has shifted to governance.
Our 2020/21 reviews showed an increased focus on changing working practices and adopting agile methodology to be more efficient and effective. Over the last year, across a variety of our virtual forums, roundtable discussions, and events, CAEs have collaborated to share learnings and overcome the challenges of the pandemic.
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Key takeaways for 2020/21
In 2020/21 we undertook 29 reviews, 15 (52%) in the private sector, 6 (20%) in financial services and 8 (28%) in the public sector.
The findings of these reviews are summarised as follows:
Overall performance against IIA Standards
An external quality assessment, or EQA, evaluates conformance with the International Professional Practices Framework (IPPF), the Code of Ethics, Public Standards (PSIAS), The Internal Code of Practice (for private and third sectors), and the Internal Audit Financial Services Code of Practice.
The following table summarise performance against the Standards and Code of Ethics in the period 2020 – 21 and is a useful benchmarking tool when completing your own self-assessment.
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