A tool for assessing the internal audit function

A few years ago, the IIA published an Internal Audit Assessment Tool for audit committees.

I think it is one of their best products.

The guide suggests asking these big-questions first. (I have highlighted my favorite bits.)

• Is there an annual IA assessment process that is effective but not overly burdensome?
• Is there an assessment of how well IA is gathering and using information and helping the business to drive decisions?
• Is the assessment effective in helping leadership and IA activity leaders understand the role of IA in the organization and the need or opportunities for changes in its role?

I don’t find those to be particularly useful, but here are some of the detailed questions that IMHO hit the mark well. Note: some of these were part of a single listed question.

• Has IA had a positive impact on the organization since the last assessment?
• Were matters IA brought to the AC’s attention relevant?
• Is IA designed to meet organizational needs and to add value that will help the business improve going forward?
• Are IA resources sufficient to fulfill its charter and meet the expectations of the board and AC?
• Are there clear links between the audit plan and the organization’s…