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 Ozarks Chapter Seminar - Adding Quality to your Audit Department

5/9/2014 8:00 AM
5/9/2014 4:30 PM
University Plaza Hotel - JQH Conference Center |

Topic: Adding Quality to Your Audit Department—Quality Assessment and Best Practices for Internal Audit

Speaker: Larry Hubbard

Cost: $150 members, $200 non-members; Student and 6th registrant are free.

Checks should be made payable to the IIA. A $20 fee will apply to "no shows" and reservations cannot be cancelled after the deadline below.


CPE: 8

RSVP: Jessica Brock, 417-235-4114 ext. 721367 or by May 7th at 5:00 pm.

If you have special dietary requirements please let us know.

Larry is a professional trainer and consultant with a broad background in accounting, auditing and finance. Prior to founding Larry Hubbard & Associates, Larry’s work experience included Mobil Corporation and Ernst & Young.
In addition to conducting his own training seminars, Larry frequently conducts training for other associations, such as The Institute of Internal Auditors; Watkins, Meegan; and Risk Management Advisory Services.


IIA Standard 1312 is a requirement. It begins: “External assessments must be conducted at least once every
five years by a qualified, independent reviewer or review team from outside the organization.” Without this
external review, an audit department cannot say their work is performed in conformance with the Standards.

Being able to make that statement may not be a big deal to your department, and there is no requirement to say it.
In addition, following voluntary Standards like The IIA’s only makes sense if those guidelines really help the department do their work. However, missing these benefits of an external review is a big deal:

• Learning more about Best Practices in Internal Auditing;
• Taking an independent, fresh look at your own practices;
• Increasing your knowledge of the most widely accepted internal auditing standards in the world;
• Assuring your board that you follow widely accepted auditing standards;
• Understanding the best way to use the COSO internal control framework.


The IIA sells an updated 2013 Quality Assessment Manual that gives details, formats and guidelines for external
assessments to help departments prepare and perform QA’s. Using the tools in that QA Manual, a traditional external
assessment can take a week or two to complete, and involve extensive preparation work by the audit department.
The IIA’s Quality Audit Services department and many other organizations provide this service for a fee.

Complying with Standard 1312 using a full external review can be expensive, often upwards of $25,000 USD. Another
approach, the Self-Assessment with Independent Validation (SAIV), can be much less expensive, and some
people believe the SAIV is actually a better approach achieving the Standard. Practice Advisory 1312-2 External
Assessment – Self Assessment with Independent Validation outlines this approach.






This training seminar covers both QA approaches (full QA and SAIV), and the required knowledge of the Standards
to perform the reviews!