Our internal audit function recently underwent an External Independent Validation of its Self-Assessment. Why do internal audit functions need external quality assessments in the first place? The answer lies in professional accountability and a commitment to excellence. Unlike many governance requirements that are imposed by regulators or legislation, external quality assessments are rooted in the profession itself through the Global Internal Audit Standards. They reflect the profession’s commitment to maintaining high standards and continuously demonstrating the value internal audit brings to organizations. For small internal audit functions, this is especially relevant. A single auditor is often required to perform multiple roles simultaneously, including strategic advisor, methodology specialist, data analyst, quality assurance reviewer, and project manager. In this context, an effective assessment should focus not on achieving a theoretical ideal, but on evaluating whether the function delivers meaningful assurance, valuable insights, and practical support to the organization. External quality assessments are not a box-ticking exercise or a matter of prestige. They serve as an objective professional benchmark, helping to ensure that internal audit remains a trusted advisor to management and boards, capable of identifying critical risks, challenging assumptions, and supporting sound decision-making. Ultimately, the value of internal audit is measured not by the number of reports produced, but by its contribution to stronger governance, better decisions, and greater organizational resilience
