Professional standards stipulate that a quality assurance review be conducted by a third-party in respect of the internal auditing framework. The examination is to be conducted by an examiner who has been certified for that purpose by the IIA (International Association of Internal Auditors). Yossi Ginossar, CPA (Isr.) possesses the required certification and personally performs this work.
Periodic quality assurance review (QAR)
A periodic quality assurance review is required of every internal auditor. In addition, a regulatory examination is required by a number of entities, including the Ministry of Finance – the Capital Market Division and the Government Companies Authority.
A third-party quality assurance review can provide a number of advantages and benefits, including the following:
- Obtaining an independent assessment of the internal audit function and confirming that it complies with accepted standards
- An important factor that can provide security and information to three key factors: the audit committee, senior management and the independent CPA
- Comparison of the performance of the internal audit function with that of professional colleagues, i.e., accepted industry standards
- Obtaining an assessment regarding the propriety of the internal auditing framework, the qualifications of the performing parties, etc.
- Option to obtain feedback for purposes of greater efficiency
Our added value
- Our firm’s extensive and rich experience in performing assessments at a variety of companies: public, institutional entities, government companies, etc.
- Yossi Ginossar, the CEO of our firm, who conducts the assessments personally, brings with him dozens of years of experience in managing internal audits
- In addition to the fact that the assessment is conducted in accordance with binding standards, we incorporate into the assessment added elements such as benchmarking and best practice.