Our external quality assessment, or EQA, evaluates your firm conformance with the International Professional Practices Framework (IPPF), which includes the following: Code of Ethics, the Core Principles, the Definition of Internal Audit and the International Standards of the Professional Practice of Internal Auditing)the IIA Standards.
While traditional external quality assessments focus on compliance with the International Standards for the Professional Practice of Internal Auditing, we realize that not all entities are created equal, and some banks, because of their asset sizes are subject the Federal Reserve’s Supervisory Letter SR 13-1: Supplemental Policy Statement on the Internal Audit Function and Its Outsourcing. We will therefore adjust the scope of the EQA engagement to consider those requirements as well as provide them with best practices recommendations we have gathered from other internal audit departments.
At TFG our EQA goes “beyond the Standards” to assist our clients in maintaining a top of class internal audit function.
1. To adhere to the standards
2. To provide independent assuance
3. To raise the profile of internal audit within your organisation
4. To benchmark your activities against best practices.
5. To Improve the performance of your audit function