QUALITY ASSURANCE AND IMPROVEMENT PROGRAM

Question 1

What does QAIP stand for?

Answer 1

Quality Assurance and Improvement Program

Question 2

What are the two types of internal assessments in a QAIP?

Answer 2

1) Ongoing internal assessments of performance of the internal audit activity.
2) Periodic internal assessments of the program through self-assessment or from an independent person within the organization who is familiar with the internal auditing program.

Question 3

What are the two ways an external assessment

may be done in a QAIP?

Answer 3

1) A full external assessment conducted by an external assessor or review team.
2) An independent assessor or review team can conduct an independent validation of the internal self- assessment and the corresponding report that was
completed by the internal audit activity.

Question 4

To whom are the results of the QAIP communicated?

Answer 4

To senior management and the board of directors.

Question 5

How often should internal assessments be performed?

Answer 5

Ongoing assessments are performed throughout the year and periodic assessments are performed as needed.

Question 6

How often should external assessments be performed?

Answer 6

At least once every five years.

Question 7

When may the phrase, “Conforms with the International Standards for the Professional Practice of Internal Auditing” be used?

Answer 7

It may be used only if it is supported by the results of the QAIP.

Question 8

To whom must nonconformance with the Standards be disclosed?

Answer 8

To senior management and the board.