There is a periodic performance assessment of the internal audit unit. A set of clearly defined indicators measures its efficiency and effectiveness in improving the institution’s performance.
Guideline code
GG_07300
Mechanism
Mechanism
- The Board Audit Committee submits for board approval the key performance indicators that will be used to measure the performance of the internal audit office. Indicators include measurements of the timeliness, costs and efficiencies of processes; quality of analyses; and usefulness and impacts of recommendations.
- The internal audit report, including a summary of findings, recommendations, and action plans, is widely disseminated in the institution.
- The performance assessment may be fully external (e.g. by peer review) or based on a self-assessment of the internal audit office that is then validated by an independent external auditor.
- The management should ensure, through training and development programmes, that the skills of the internal audit office remain in line with current internationally accepted standards and practices.
Structure
Structure
- The board tasks the Board Audit Committee to perform a periodic performance assessment and quality assurance of the internal audit unit.
- An external auditor conducts a periodic independent quality assessment of the internal audit charter and the internal audit function.
Title HTML
Guideline 56. Performance assessment and quality assurance
Type
Guideline_1
Weight
77