Internal Audit, Risk, Business & Technology Consulting Internal audit (IA) departments are necessary, yet often they are viewed as stern entities to be complied with, rather than celebrated for the value they create. Among the many things that go unnoticed in their work is the fact that they themselves must undergo an assessment every five years. This external quality assessment, or EQA, is performed by an independent third party to ensure the internal audit function conforms to The Institute of Internal Auditors (The IIA) standards. Some pass with flying colors. Others get a qualified pass and a laundry list of recommendations to work on over the next five years. Five years ago, just as the internal audit department of a large food manufacturer in the U.S. was due for its EQA, thi

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