UAE IAA Quality Services

Introduction:

A Quality Assurance and Improvement Program (QAIP) enables an evaluation of the internal audit activity's conformance with the Definition of Internal Auditing and the International Standards for the Professional Practice of Internal Auditing (Standards) and an evaluation of whether internal auditors apply the Code of Ethics. The program also assesses the efficiency and effectiveness of the internal audit activity and identifies opportunities for improvement.

All internal audit activities, regardless of industry, sector, or size of audit staff — even those outsourced or co-sourced — must maintain a QAIP that contains both internal and external assessments. External assessments enhance value, as they enable the internal audit activity to evaluate conformance with the Standards; internal audit and audit committee charters; the organization’s risk and control assessment; the effective use of resources; and the use of successful practices. An internal audit activity must obtain an external assessment at least every five years by an independent reviewer or review team to maintain conformance with the Standards.

The United Arab Emirates Internal Audit Association (UAE-IAA) is one of the prominent institutes of the Institute of Internal Auditors (“IIA”) – the global advocate and standard setter for the internal audit profession. The UAE IAA has a track record for carrying out independent internal audit quality assurance services in the UAE and has a dedicated staff in-house to address this need of all clients.

QA Services:

Readiness Review

  • Conduct an independent gap analysis focused on the internal audit activity's current level of conformance with the Standards;
  • Recommend actions for remediation of identified gaps to the IPPF.
  • Identify opportunities to improve efficiency and effectiveness of IA processes

Self Assessment with Independent Validation (SAIV)

  • Self-assessment by the internal audit activity
  • Independent validation conducted by UAE-IAA team

External Quality Assessment

  • Assess how well the IA activities conform to the International Standards for the Professional Practice of Internal Auditing (Standards)
  • Evaluate the performance of the IA department and substantiates the expectations of the board and executive management
  • Identify opportunities for improvement

Advantages in partnering with the UAE-IAA

Experienced Team:

The team includes competent professionals who have a wealth of experience in the Internal Audit profession and who are well versed with the standards and the assessment methodology. Few have also been awarded the Qualification in Internal Audit Leadership (only 50 professionals in the world hold this qualification) and who have solid experience conducting quality assurance review.

No Conflict of Interest:

The team includes competent professionals who have a wealth of experience in the Internal Audit profession and who are well versed with the standards and the assessment methodology. Few have also been awarded the Qualification in Internal Audit Leadership (only 50 professionals in the world hold this qualification) and who have solid experience conducting quality assurance review.

Return on Investment:

The UAE-IAA is a not-for-profit organization that promotes the profession of internal auditing throughout the UAE. As such, its fees are tailored to ensure that maximum benefit is passed on to our clients.

Access to the IIA Global Resources:

The UAE-IAA affiliation with the IIA Global gives it the access to their resources from around the world. This enables sourcing the right professionals for the engagements who can add value to its clients.

The Approach

The UAE-IAA has developed a well-documented methodology to ensure consistency in the performance of this service. The methodology has been refined since, with the new phased approach allowing the Review Team to:

  • 1
    Evaluate the internal audit department structure and resources and examine internal audit techniques and methodology
  • 2
    Assess the efficiency and effectiveness of an internal audit department and identify opportunities for improvement
  • 3
    Review the audit planning and risk assessment processes leading to the completion of the audit plan
  • 4
    Identify ways to enhance internal audit policies and practices
  • 5
    Determine perceptions of the internal audit department in the organization
  • 6
    Output of the customer surveys
  • 7
    Provide an assessment on the IA activity’s level of conformance with the IIA Standard

Testimonials

  • It is my pleasure to cooperate with UAE Internal Auditors Association to conduct the Quality Assurance. It was good experience for us. The report was valuable and benefited us tremendously.

    - Alia Marjan Mubarak - - Vice President, Internal Audit, Amlak Finance -

  • "Let me express my appreciation to excellent work done during the quality assessment review you’ve recently completed for our internal audit department. It was a fruitful exercise and we welcome the improvement opportunities highlighted to enhance the quality and performance of the department. I assure you that your value-added recommendations will be acted upon fully and promptly. May I also take this opportunity to thank you and your team for the professional approach and courtesy displayed by the team."

    - Beelall Ramdianee - - Vice President, Internal Audit, Dubai International Financial Centre -

  • “Thanks to the IAA UAE Team for the great efforts exerted during the quality assurance review done for our department. The Audit team was very professional, systematic and helped us towards further improving our quality performance, professionalism and use of best practices. It was a great experience indeed!!”

    - Tamer Said Ali - - Deputy Chief Internal Auditor, Obeikan Investment Ggroup -

  • "Thanks to the UAE IAA Team for the excellent & professional work done during the quality assessment review for our Internal Audit Department. The QA provided us with great insights and confirmations on the practices we currently follow and the overall assurance of conformance to the standards. Every Head of Internal Audit should do this and I would definitely recommend the UAE IAA Team.to be your starting point for this exercise."

    - Louise O'Donnell - Oman Insurance Company - - Executive Vice President- Head of Internal Audit -

 
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