-Compliance with the Standards
-Increased focus on governance
-Assurance to stakeholders
-Who audits the auditors?
-"Practice what you preach"
-Increase value to the organization
-Documents commitment to quality
-Meet expectations of board of directors and executive management
-Focus on what is important to the organization
-Insights from the external assessment team
-Improve internal audit activity
-Internal audit marketing plan
-Training function/development plan
The International Standards for the Professional Practice of Internal Auditing (The Standards) are promulgated by The Institute of Internal Auditors.
As noted in Standard 1312 – External Assessments, “External assessments may be accomplished through a full external assessment, or a self-assessment with independent external validation.”
The full external assessment is conducted by a qualified, independent assessor or assessment team from outside the organization. The team approach involves an outside team of competent professionals under the leadership of an experienced, professional project manager or team leader. The team, on a collective basis, must demonstrate competence in the professional practice of internal auditing and the external assessment process.
A self-assessment with independent validation includes a comprehensive and fully documented self-assessment process that requires the CAE to complete the self-assessment work, and normally provides limited attention to benchmarking, review, and consultation related to successful internal audit practice. Essentially, the CAE oversees the efforts of an internal assessment team that completes planning documentation, performs assessment work programs, evaluates conformance with the Standards and Code of Ethics, and produces a report summarizing assessment results.
The independent external assessor or assessment team validates the work of the internal assessment team through a review of assessment planning documentation, re-performing a sample of assessment work program steps, conducting interviews with key stakeholders (board members, executive leadership, operating management, and internal audit management and staff), and assessing the conformance conclusions reported by the internal assessment team.
Angelo State University
College of William & Mary
George Mason University
James Madison University
Maricopa Community College District
Oklahoma State University
Sam Houston State University
Sul Ross State University
Texas Southern University
Texas State University San Marcos
Texas State University System
University of Mary Washington
University of North Texas System
University of Oklahoma
University of Virginia
Virginia Community College System
Virginia Commonwealth University
Virginia State University
Health and Human Resources:
Acelity/KCI USA, Inc.
Carillion Health System
Santa Fe Healthcare
Texas Children’s Hospital
Texas Depart. of Aging and Disability Svcs.
Texas Depart. of Assist and Rehab Svcs.
University of Virginia Health Svcs Fdn
Virginia Depart. of Medical Assist. Svcs.
Virginia Department of Health
Austin Water Utility
TECO Energy Inc.
Texas Water Devel. Board
Virginia Dept. of Agriculture and Consumer Svs
Public Safety and Transportation:
Maryland Depart. of Public Safety and Corrections
Insurance, Finance and Private Industry:
Atlantic Mutual Insurance Companies
Church Pension Group
Independent Banker’s Bank of Florida
New Mexico Educational Retirement Board
Related Corporations of Virginia Tech
Shenandoah Life Insurance Company
West Virginia Investment Mgmt Board
Virginia Department of Taxation
Virginia Housing Dev. Authority
Virginia Treasury Department
Other state and local government agencies:
Hillsborough County Clerk of Courts, FL
Hillsborough County Board of County Commissioners
Richmond Public Schools
Texas Education Agency
Texas Facilities Commission
Texas Lottery Commission