Consultancy
About Consultancy
The aim of UAE IAA Quality Services is to offer its members validate their internal audit activities and further strengthen the effectiveness and efficiencies of the processes. We bring with us a rich experience of qualified professionals many of whom are from the internal audit profession and are currently serving in key positions within their organizations. Many of these are also recipient of the prestigious QIAL. The UAE IAA can assist the Chief Audit Executive in further improving its Quality Assurance and Improvement Program (QAIP).
An independent external assessment provides evidence and confidence to the board, management, and staff that the audit committee and the internal audit activity adds value through improving an organization’s operations and contributing to the attainment of organizations objectives.
Enquiry
UAE IAA Quality Services
Introduction:
A Quality Assurance and Improvement Program (QAIP) enables an evaluation of the internal audit activity’s conformance with the Definition of Internal Auditing and the International Standards for the Professional Practice of Internal Auditing (Standards) and an evaluation of whether internal auditors apply the Code of Ethics. The program also assesses the efficiency and effectiveness of the internal audit activity and identifies opportunities for improvement.
All internal audit activities, regardless of industry, sector, or size of audit staff — even those outsourced or co-sourced — must maintain a QAIP that contains both internal and external assessments. External assessments enhance value, as they enable the internal audit activity to evaluate conformance with the Standards; internal audit and audit committee charters; the organization’s risk and control assessment; the effective use of resources; and the use of successful practices. An internal audit activity must obtain an external assessment at least every five years by an independent reviewer or review team to maintain conformance with the Standards.
The United Arab Emirates Internal Audit Association (UAE-IAA) is one of the prominent institutes of the Institute of Internal Auditors (“IIA”) – the global advocate and standard setter for the internal audit profession. The UAE IAA has a track record for carrying out independent internal audit quality assurance services in the UAE and has a dedicated staff in-house to address this need of all clients.
QA Services:
External Quality Assessment
- Assess how well the IA activities conform to the International Standards for the Professional Practice of Internal Auditing (Standards)
- Evaluate the performance of the IA department and substantiates the expectations of the board and executive management
- Identify opportunities for improvement
Self Assessment with Independent Validation (SAIV)
- Self-assessment by the internal audit activity
- Independent validation conducted by UAE-IAA team
Readiness Review
- Conduct an independent gap analysis focused on the internal audit activity’s current level of conformance with the Standards;
- Recommend actions for remediation of identified gaps to the IPPF.
- Identify opportunities to improve efficiency and effectiveness of IA processes
Testimonials
Partial Client List
Advantages in Partnering with the UAE-IAA
Experienced Team:
The team includes competent professionals who have a wealth of experience in the Internal Audit profession and who are well versed with the standards and the assessment methodology. Few have also been awarded the Qualification in Internal Audit Leadership (only 50 professionals in the world hold this qualification) and who have solid experience conducting quality assurance review.
No Conflict of Interest:
The team includes competent professionals who have a wealth of experience in the Internal Audit profession and who are well versed with the standards and the assessment methodology. Few have also been awarded the Qualification in Internal Audit Leadership (only 50 professionals in the world hold this qualification) and who have solid experience conducting quality assurance review.
Return on Investment:
The UAE-IAA is a not-for-profit organization that promotes the profession of internal auditing throughout the UAE. As such, its fees are tailored to ensure that maximum benefit is passed on to our clients.
Access to the IIA Global Resources:
The UAE-IAA affiliation with the IIA Global gives it the access to their resources from around the world. This enables sourcing the right professionals for the engagements who can add value to its clients.
The Approach
The UAE-IAA has developed a well-documented methodology to ensure consistency in the performance of this service. The methodology has been refined since, with the new phased approach allowing the Review Team to:
- Z Evaluate the internal audit department structure and resources and examine internal audit techniques and methodology
- ZAssess the efficiency and effectiveness of an internal audit department and identify opportunities for improvement
- ZReview the audit planning and risk assessment processes leading to the completion of the audit plan
- ZIdentify ways to enhance internal audit policies and practices
- ZDetermine perceptions of the internal audit department in the organization
- ZOutput of the customer surveys
- ZProvide an assessment on the IA activity’s level of conformance with the IIA Standard
Consulting
The UAE IAA also offers bespoke consulting services to its members at competitive prices. Our management consulting services focus on our clients’ critical processes and opportunities for improvements. We bring with us years of experience and expertise, a deep understanding of functional expertise. We are known for our holistic approach breaking across silos – the whole is greater than the sum of its parts.
The UAE IAA consistently delivers solutions which are measureable and practicable and customised to individual requirements. Our approach enables capture value through innovation. We work with companies to bring together all the different people, skills and tools to collaborate, co-create and come up with the very best ideas—ideas that will be embraced by teams, companies and their customers.
We make it a point to understand client’s organisations inside out, to challenge their thinking and to develop insights and advice to meet their needs. We work to their agenda, not ours. And we aim to deliver value as sustainable as their success.
Request for a "No Obligatory Proposal"
The International Standards for the Professional Practices of Internal Auditing (Standards) (the IPPF) mandates that the internal audit activity conducts a Quality Assessment (QA) by an external independent team of qualified audit professionals as one of the acceptable approaches to meeting the requirement of Standard 1312.
UAE IAA’s QA department will provide QA services, qualified independent audit professionals; some of whom are CAEs, Vice Presidents and Senior managers in their organizations with years of experience. These professionals have also been instrumental for having undertaken an external QA for their own internal audit activity in their organization. They are well versed with the standards and have the experience of interacting at the highest levels in an organization. The assessment team works on-site at the offices of the internal audit activity using the Quality Assessment Manual for the Internal Audit Activity to conduct interviews, surveys and benchmarking. They also conduct an in-depth review of the internal audit process and the work papers.
The site visit culminates with a presentation of the findings stating the internal audit activity’s conformance or non-conformance with the Standards and any recommendations for improvement. The final report is issued once the responses from the internal audit activity is received.
To know more about how we can engage with you for conducting a QA or would like to know more about the Quality Assurance and Improvement Program (QAIP); download the below form, fill and email to quality@uaeiaa.org to receive a “no-obligatory” proposal.
Download the QAR Enquiry Form now!!!
Become a QA Volunteer
Benefits of being a volunteer:
What we seek from you is only your time. We will compensate travel, meals, and other incidental expenses; as applicable. There are several benefits if you choose to become a volunteer.
- The experience that you will gain will be of immense value to you for today and tomorrow.
- This will give you the opportunity to prepare your organization for a QA.
- It will enable you to get a deeper understanding of the International Standards for the Professional Practice of Internal Auditing (Standards).
- Continuing Professional Education (CPE) hours.
Requirements to become a QA volunteer:
To be able to be considered as a member of the QA team you should:
- Have a minimum 3 years internal auditing experience.
- Certification (e.g. CIA, CISA, etc.) will be preferred, but not mandatory. However, certain engagements may require you to be certified.
- Have knowledge of the International Standards for the Professional Practice of Internal Auditing (Standards).
- Have attended the IIA’s training course: QAR – Based on the IIA Standards.
- Preferably be a member of the UAE IAA.
Become a Quality Services volunteer with the UAE IAA:
The UAE IAA depends on volunteers and internal audit professionals to complement its team for performing external quality assessments.
Expectations from a volunteer:
We do not have many expectations from you, just a few.
- Time – the most important expectation. Typically, most engagements last for approx. 5 working days (Sunday-Thursday).
- You will be required to do some advance reading on client supplied material which will form part of your preparation for the engagement.
How to become a volunteer:
Email us at quality@uaeiaa.org and we will guide you through the process.
