We were engaged to conduct an Independent External Quality Assessment (EQA) of the Internal Audit Activity of a fully licensed commercial bank regulated by the relevant Central Bank. The bank has a strong financial standing and a nationwide presence, consistently earning the highest supervisory rating over the past four years. Its Internal Audit Department, composed of qualified professionals including ACCA members and CIA candidates, plays a central role in overseeing internal governance and operational integrity. This engagement was initiated as part of the bank’s commitment to upholding the International Standards for the Professional Practice of Internal Auditing and to benchmark the maturity and effectiveness of its internal audit function against global best practices.
Key Objectives:
The primary goals of the assessment were to:
Assess conformance with the latest IIA Standards and Code of Ethics.
Evaluate alignment with the Definition of Internal Auditing and the Core Principles.
Determine the efficiency and effectiveness of internal audit operations.
Review the department’s ability to meet stakeholder expectations, particularly those of the Board and senior management.
Examine the competency framework and skills of the internal audit team.
Key Findings & Impact:
The assessment highlighted both strengths and areas for development:
The Internal Audit function demonstrated a strong foundational framework, well-documented processes, and a positive culture of independence and objectivity.
However, certain quality assurance and improvement activities were ad hoc, and the function had limited formal stakeholder feedback mechanisms.
While individual auditors held impressive qualifications, there was room to enhance competency coverage in areas such as IT auditing and AML/CFT compliance.
The annual planning process was robust but could be more risk-driven and dynamic, allowing better response to emerging risks and operational realities.
Based on our findings, we delivered a detailed set of recommendations aimed at enhancing audit planning, stakeholder engagement, skill development, and performance measurement.
Value Delivered:
Governance Enhancement:
We provided the Board and Audit Committee with independent assurance regarding the maturity, alignment, and performance of the internal audit function—supporting their oversight responsibilities.Capability Uplift:
Our tailored recommendations helped the Internal Audit team strengthen its risk alignment, expand skillsets in niche areas, and formalize improvement tracking through a structured QAIP.Regulatory Confidence:
The assessment reinforced the bank’s commitment to international standards and bolstered its regulatory standing by demonstrating proactive governance practices.
Conclusion:
Through our independent and professional assessment, we empowered the client to elevate its Internal Audit function to a more strategic, standards-aligned, and future-ready state. The engagement delivered not only assurance but a clear roadmap for continuous improvement, stakeholder confidence, and enhanced internal audit capability.
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