EQA is an acronym for External Quality Assessment and means auditing the internal auditor.
EQA is a mandatory regulatory compliance requirement for public listed companies (plc) and public interest entities (PIE) in some jurisdictions.
An effective internal audit function is a key component of a good corporate governance framework and practices.
The primary responsibility of the internal audit function is to build trust across all levels:
(i) between equity investors and board,
(ii) between board and executive management,
(iii) between executive management and senior management, and
(iv) between senior management and operational staff level.
The Key Question To The Internal Auditors:
How well is your internal audit delivering on the above targets?
Your answer may have been “impressive performance”, but do the principal stakeholders – Equity Investors, Board, Executive Management and lower levels agree with you?
Most stakeholders perceive the quality of the internal audit work delivery to focus majorly on maintaining the status quo (i.e. value protection) resulting in misalignment with the corporate strategic goals and objectives.
The presentation paper on “elevating audit excellence: The EQA” provides insights on how organizations can leverage the External Quality Assessment tools to transform their internal audit function from value protection to value creation and strategic alignment with their company’s value propositions.
Attached is the main flyer for the conference
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