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Agree with Mr Mir !
There are2 types of internal assessments for Internal Audit Activity (IAA): The first one is
A) Periodic assessment which includes:
1. More thorough feedback from stakeholders (in interviews and surveys) than in an ongoing internal assessment.
2. Self assessment.
3. Assessment by audit professionals (e.g. CIAs).
4. Benchmarking against best practices.
The second one is:
Ongoing internal assessment:
processes and tools used in ongoing internal assessment of Internal Audit Activity (IAA) include:
1. Engagement supervision.
2. Checklists and procedures.
3. Feedback.
4. Peer reviews of working papers.
5. Budgets, timekeeping, and tracking of audit plan completion and cost recoveries.
6. Analysis of other performance metrics.
Internal quality assessments include
1. Formative assessment
As per standards, Internal assessments include:
1) on going monitoring of performance of internal audit activity &
2) Periodic reviews performed through self assessment or other persons (within the organization) with knowledge of internal audit practice.
Assessment and Review of Corrective and Preventive measured in identified risk areas for the formulation of new policies or modification/scrap of the existing policies. All that required for the Standardization of activities from time to time.
criterion referenced assessment.
Internal Quality Assessmentwhich includes concepts of quality and internal audit process improvement. ... IIA and Quality Assessment Standards ... Internal Audit Process and Performance Standards – Overview ... Managing the Internal Audit Activity – Risk Assessment, Strategic/Operating Plans
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