Prepare for your external quality assessment
Although the Global Internal Audit Standards (GIAS) came into effect in January 2025, some internal audit teams still have work to do to ensure that they meet the GIAS requirements. Some heads of internal audit have undertaken that work, and want feedback before they arrange their formal external quality assessment (EQA).
Our gap analysis service reviews your arrangements, and provides feedback on where changes may be required to achieve the GIAS.
Outputs from the gap analysis include:
- A self-assessment document that the internal audit team can update as your working practices evolve.
- An action plan for your quality assurance and improvement programme and audit committee reporting.
- We also provide targeted advice and feedback where a full gap analysis is not required.
Our approach
We agree the scope of work with you, including the timescales for each stage of the review activity and how we will work with your team.
Documentation and desktop review
We use your existing information, including your recent assessments against internal auditing standards, audit committee reports and quality and improvement plans. We collate this information and map it against the Global Internal Audit Standards.
Identifying gaps
The project plan includes time to engage the internal audit team. This allows us to start identifying gaps and resulting actions, and to discuss those with you as the review progresses.
Documenting the assessment and action plan
We draft an assessment against the Standards to highlight gaps, and a practical action plan. This includes recommendations for conformance with the Standards, noting areas that may be of interest to your EQA assessor, and ideas for enhancements.
Documents for a GIAS readiness review
The list below outlines the typical documents for the desktop review.
- Most recent self-assessment against the GIAS
- Most recent external quality assessment report
- Details of any significant changes in internal audit ways of working since the EQA report
- Internal audit charter
- Audit committee terms of reference
- Any reporting to the audit committee and / or senior management on internal audit quality and internal audit improvement plans
- Internal audit improvement or quality action plans
- Internal audit manual / guidance / ways of working
- Any other internal audit policies or procedures
- Internal audit report template
- Internal audit risk and control template (or similar – the basis on which the team captures their internal audit thinking during an engagement)
- Internal audit vision / strategy / improvement plans
- Most recent internal audit plan
- Example of internal audit progress reports to audit committee
Timing of the gap analysis
The work is planned to meet your timescales and includes the following milestones:
- A date for your internal audit team to provide documentation for the desktop review.
- The date for ThinkingAudit to share results of the desktop assessment.
- Dates to review initial findings and discuss queries raised.
- Deadlines for completion of a final assessment and action plan.
This page last updated January 2025