External Quality Assessment (EQA) for Internal Audit

We understand the critical importance of maintaining a high-performing internal audit function that complies with the latest Global Internal Audit Standards. 

According to Standard 8.4 External Quality Assessment (EQA), ‘the chief audit executive must develop a plan for an EQA and discuss the plan with the board. The external assessment must be performed at least once every five years by a qualified, independent assessor or assessment team’. Our EQA services are designed to help organisations benchmark their internal audit practices against these globally recognised standards, ensuring efficiency, effectiveness, and alignment with strategic objectives. 

Why Conduct an EQA?

An EQA is not just a compliance requirement but an opportunity to elevate your internal audit function. It provides actionable insights to:

• Ensure conformance with the Standards and the IIA’s Code of Ethics;
• Identify opportunities for innovation and continuous improvement;
• Build stakeholder trust in internal audit activities; and,
• Enhance the internal audit function's contribution to governance, risk management, and controls.

Our Proven Approach

Our seasoned professionals bring a blend of technical expertise, industry knowledge, and practical insights to deliver a comprehensive and value-added assessment. We adopt a collaborative, transparent, and tailored methodology to evaluate:

• Alignment with the latest Standards;
• The effectiveness of your internal audit methodologies and practices; and,
• The degree to which internal audit aligns with organisational objectives and stakeholder expectations.

Value-Driven Deliverables

We go beyond the basics to deliver a clear and actionable roadmap for improvement. Our deliverables include:

• A detailed report highlighting strengths, areas for enhancement, and practical recommendations;
• Benchmarking insights to position your internal audit function against industry peers; and,
• A roadmap for transforming your internal audit function into a strategic enabler.

Why BDO Malta?

With a long-standing presence in Malta and access to an international network, BDO Malta is well-positioned to provide a global perspective and a commitment to driving measurable results. 

Our tailored EQA services ensure your internal audit function not only conforms to the Global Internal Audit Standards but also delivers strategic value to your organisation. For more information about our External Quality Assessment, get in touch with our team. 

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