A Quality Assurance and Improvement Programme: Why You Should Take This New Process Seriously!

As an internal audit consultancy, we have seen firsthand the transformative power of a well-implemented Quality Assurance and Improvement Programme (QAIP). You might be hearing about this new process within your organisation and wondering what all the fuss is about. Let me assure you, this isn't just another tick-box exercise. Taking your QAIP seriously can significantly elevate the effectiveness and value of your internal audit function.

Think of your internal audit team as the organisation's early warning system, providing crucial insights into risks, controls, and governance. But how do you ensure that this early warning system is itself functioning optimally? That's where the QAIP comes in.

What Exactly is a QAIP?

Simply put, a Quality Assurance and Improvement Programme is a structured and ongoing process designed to evaluate and enhance the efficiency and effectiveness of your internal audit activities. It’s about consistently asking: "Are we doing things right?" and more importantly, "Are we doing the right things?"

The Institute of Internal Auditors (IIA) provides the framework for a robust QAIP, encompassing both internal and external assessments. This might sound a bit technical, but the core principles are straightforward:

• Internal Assessments: These are ongoing self-assessments and periodic reviews conducted by the internal audit team itself. This could involve regularly reviewing audit work papers, tracking performance against key metrics, and soliciting feedback from audit clients. Think of it as a team constantly looking in the mirror and asking how they can improve.

• External Assessments: These are independent assessments conducted by qualified professionals from outside the organisation, typically at least once every five years. This provides an objective and unbiased perspective on the internal audit function's conformance with the IIA standards and its overall effectiveness. It’s like getting a professional health check for your internal audit team.

Why All the Fuss? The Compelling Reasons to Embrace Your QAIP

You might be thinking, "We're already busy enough. Why add another layer of process?" Here’s why taking your QAIP seriously is not just beneficial, but essential:

1. Enhanced Effectiveness: A robust QAIP helps identify areas where internal audit can improve its processes, methodologies, and reporting. This leads to more insightful, relevant, and impactful audit findings and recommendations. Ultimately, this means internal audit can contribute more significantly to achieving the organisation's objectives.

2. Improved Efficiency: By regularly reviewing workflows and identifying bottlenecks, the QAIP can help streamline internal audit activities. This means the team can achieve more with the same resources, making better use of everyone's time and expertise.

3. Increased Credibility and Stakeholder Confidence: A well-functioning QAIP demonstrates a commitment to quality and continuous improvement. This builds trust and confidence among management, the audit committee, and other stakeholders in the reliability and objectivity of internal audit's work. Knowing that the internal audit function is subject to rigorous quality checks provides assurance that their insights are dependable.

4. Conformance with Professional Standards: The IIA's International Standards for the Professional Practice of Internal Auditing mandate the establishment of a QAIP. Compliance with these standards is crucial for maintaining the professionalism and integrity of the internal audit function. Ignoring the QAIP can lead to non-compliance and potentially damage the reputation of the internal audit team and the organisation.

5. Early Identification of Weaknesses: The ongoing nature of internal assessments within the QAIP allows for the early detection of potential weaknesses or areas for improvement before they become significant issues. This proactive approach is far more effective (and less painful) than reacting to problems after they've escalated.

6. Driving Innovation and Best Practices: The QAIP encourages the internal audit team to stay abreast of evolving best practices and innovative techniques. Through self-assessment and external feedback, the team can identify opportunities to adopt new approaches that can enhance their effectiveness and value.

7. A Culture of Continuous Improvement: Ultimately, a well-embedded QAIP fosters a culture of continuous improvement within the internal audit function. It encourages a mindset of self-reflection, learning, and proactive adaptation, ensuring that internal audit remains a dynamic and valuable asset to the organisation.

Don't See it as a Burden, See it as an Opportunity

Implementing and maintaining a QAIP requires commitment and effort. However, it's crucial to view this not as an administrative burden, but as a valuable investment in the future success and credibility of your internal audit function.

By embracing the principles of quality assurance and continuous improvement, you are not just complying with standards; you are empowering your internal audit team to deliver greater value, build stronger relationships, and ultimately contribute more effectively to the achievement of your organisation's goals.

So, when you hear about the new Quality Assurance and Improvement Programme, take it seriously. It's a journey towards excellence, and the benefits are well worth the effort. Your stakeholders, and your internal audit team, will thank you for it.