According to IIA guidance, the internal audit activity's quality assurance and improvement program (QAIP) encompasses both internal and external assessments. Internal assessments involve ongoing monitoring and periodic self-assessments or reviews, while external assessments are conducted by a qualified, independent assessor at least once every five years.
The chief audit executive (CAE) has the responsibility to ensure that the external assessor possesses the appropriate qualifications and independence to perform the assessment. This includes evaluating the assessor's competence, experience, and objectivity. This responsibility is crucial for maintaining the integrity and reliability of the QAIP.
References:
* IIA Standard 1312: External Assessments
* IIA Practice Guide: Quality Assurance and Improvement Program