Addressing Concerns with Internal Audit Quality and Accuracy

A.

Of the given options, the BEST way to address ongoing concerns with the quality and accuracy of internal audits is to engage an independent review of the audit function, which is option A.

Explanation:

Option A, engaging an independent review of the audit function, is the best approach because it brings in external experts who are not involved in the day-to-day operations of the internal audit function. This review can provide a fresh perspective and identify potential weaknesses or areas for improvement in the internal audit process. An independent review can also provide credibility to the internal audit function by demonstrating that the organization is committed to ensuring that internal audit processes are of the highest quality.

Option B, requiring peer reviews of audit workpapers, can be a useful approach, but it is not as effective as engaging an independent review. Peer reviews can provide feedback on individual audit workpapers, but they may not address broader concerns with the quality and accuracy of the internal audit function as a whole.

Option C, implementing performance management for IS auditors, is an important aspect of managing any team, but it does not directly address concerns about the quality and accuracy of internal audits. Performance management may help to ensure that individual auditors are meeting expectations, but it may not address systemic issues with the internal audit function.

Option D, requiring IS audit management to lead exit meetings, is an important part of the internal audit process, but it does not directly address concerns about the quality and accuracy of internal audits. Exit meetings are a way for audit management to communicate the results of the audit to the auditee, but they do not necessarily address broader concerns about the internal audit function.

In summary, while all of the options presented have some merit, engaging an independent review of the audit function is the BEST way to address ongoing concerns with the quality and accuracy of internal audits.