Standard 1321

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  • #229409

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    This forum is restricted to members of the associated course(s).

    Saad ALAwami
    Participant

    1321 – Use of “Conforms with the International Standards for the Professional Practice of
    Internal Auditing”
    Interpretation:
    The internal audit activity conforms with the Code of Ethics and the Standards when it achieves
    the outcomes described therein. The results of the quality assurance and improvement program
    include the results of both internal and external assessments. All internal audit activities will have
    the results of internal assessments. Internal audit activities in existence for at least five years will
    also have the results of external assessments

    Question : What does (Internal audit activities in existence for at least five years will
    also have the results of external assessments) Mean? and provide an example

     

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  • #229437

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    Brian Hock
    HOCK international

    Hello, Saad,

    It means that any IAA that has been in existence for 5 years will have had to go through an external assessment because external assessments need to be done every five years. So, if the IAA has been in existence only 3 years, there may not be an external assessment that has been performed yet. So, it would not be able to be included in any overall assessment since it has not happened yet. But, once the IAA has been in existence for 5 years, then there should be an external assessment.

    Brian

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