Six Ways a Quality Assessment Adds Value to Internal Audit: Part 3

The previous blog posts in the series covered the first two of six areas of focus for Quality Assessments:  Internal Audit Structure and Risk Assessment and Audit Planning. The third area is staff proficiency—do the members of your internal audit (IA) staff possess appropriate skill sets, experience and competencies? Are specialized skill sets, e.g., fraud detection, present if needed? Is continuing education adequate?

As with any profession, the tools of the trade are required. In this case, the auditor(s) must possess appropriate skills, experience and competencies to perform the work. In addition, the organization must provide ongoing support and continuing education to keep skills current. The chief audit executive must decide the makeup of the audit team based on the industry and risk assessment results. Degrees and certifications expected of each staff member, e.g., financial, operational or information technology, are driven by the audit base.

Part One and Part Two of our series cover other key areas that should be considered for QA.

How BKD CPAs & Advisors Can Help

BKD’s Enterprise Risk Solutions (ERS) practice provides specialized resources that deliver the right combination of expertise and skills to achieve integrated results.  Within ERS are talented, qualified professionals that can provide Quality Assessment services to organizations seeking to improve their internal audit activity’s effectiveness and value. Contact us to learn more.

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Cynthia Bosotin

Cynthia Bosotin

Cynthia is a member of BKD’s Enterprise Risk Solutions division with more than 25 years of internal audit experience. She helps clients prepare annual risk assessments and internal audit plans and assists with the execution of the plans. Her experience also includes a range of operational reviews, internal control assessments, Sarbanes-Oxley implementations and consulting services.

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