Our client, a major regional insurance firm, wanted an external assessment of the Internal Audit function using the Institute of Internal Auditors (IIA) Quality Assurance Review process (QAR).
Orion Solutions built a team that included a former Big 4 accounting partner and former chief risk officer. We developed and executed a customized project plan that included executive and Board interviews, staff surveys, and direct reviews of the audit process, risk assessments, issue reporting and follow up, staff competence and education, etc.
Orion Solutions delivered a comprehensive report on the Internal Audit group’s compliance with IIA standards as well as the overall effectiveness of the group. We also provided best practices feedback and suggested several opportunities for improvement. The report was well received by both the Internal Audit group and the Audit Committee of the Board of Directors.