An internal audit department recently established a quality assurance (QA) program as part of its overall audit program.
Which of the following activities is MOST important to include as part of the QA program requirements?
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A. B. C. D.A.
The quality assurance (QA) program is an essential component of the internal audit function as it aims to ensure that the internal audit activity is effective, efficient, and in compliance with professional standards. The QA program provides an independent evaluation of the internal audit activity's conformance with its standards, policies, and procedures. It also assesses the effectiveness of internal controls, risk management, and governance processes.
Of the options presented, reviewing audit standards periodically is the most important activity to include as part of the QA program requirements. This is because reviewing audit standards ensures that the internal audit activity is conducted in accordance with relevant professional standards and guidelines, including the International Standards for the Professional Practice of Internal Auditing (Standards).
By periodically reviewing audit standards, the internal audit department can ensure that its practices are in compliance with current best practices and that the department is staying up-to-date with changes in the profession. It also helps ensure that the internal audit activity is performing its duties effectively and efficiently, as well as identifying areas for improvement.
The other options presented are also important components of the QA program, but they are not as critical as reviewing audit standards. For example, implementing corrective action plans is an essential activity that helps address identified weaknesses or deficiencies in the internal audit activity. Analyzing user satisfaction reports from business lines is also important for assessing the internal audit activity's effectiveness and improving stakeholder engagement. Creating a long-term plan for internal audit staffing is critical for ensuring that the internal audit function has the necessary resources to fulfill its mandate.
In summary, while all the options presented are important, reviewing audit standards periodically is the most critical activity to include as part of the QA program requirements.