ACUIA Quality Assurance Review (Q.A.R.)

Internal Auditing Standards

According to Standard 1300 of the International Standards for the Professional Practice of Internal Auditing, a chief audit executive (CAE) should develop and maintain a quality assurance and improvement program that covers all aspects of the internal audit activity and continuously monitor its effectiveness. Standard 1311 indicates that internal assessments should be performed that includes ongoing reviews of the internal audit activity. Standard 1312 states that an external assessment should be conducted at least once every five years by a qualified, independent reviewer or review team from outside the organization.

With permission from the Institute of Internal Auditors (IIA), the ACUARP has developed QAR process checklists to assist credit union internal audit departments in complying with these Standards.

Benefits of a QAR

How your internal audit department and your credit union will benefit from a QAR:

• Enhances auditors' professionalism and assists in better meeting the needs of management, the Supervisory Committee, and the Board of Directors.
• Provides a productive exchange of ideas and techniques between reviewer and reviewee.
• Review is performed by someone who understands the credit union industry and the internal audit profession.

ACUIA QAR

The ACUARP has prepared QAR checklists to assist the CAE in the completion of a self-assessment and to prepare for a peer-to-peer review or external assessment by an independent firm.

Peer-to-Peer Review

The peer-to-peer review is to be performed by a mutually agreeable qualified peer. Within the ACUARP there are several members qualified to perform a QAR. Check with the ACUARP Executive Office or use the FORUM to obtain contact information. Credit Unions contemplating a peer-to-peer review, should consider reviewer's experience (especially experience related to QARs), relevant professional certifications and accreditations, and need for absence of potential conflicts between reviewer and the user of the results. In order to maintain an acceptable level of independence and to provide a learning experience for the CAEs involved, we recommend that a CAE does not reciprocate a review directly for the peer who completed his/her actual review. We recommend that for any CAE that has a peer-to-peer review completed, that the CAE commit to performing a peer-to-peer review for another credit union who is interested in obtaining a review in the future.

Independent Firm Review

The ACUARP has many vendor partners that offer a QAR. The Board of Directors encourages you to engage those partners that support ACUIA. For more information please contact the ACUARP Executive Office.

To Access ACUIA QAR Documents click below