ACUIA Quality Assurance Review (Q.A.R.)
Internal Auditing Standards
According to Standard 1300 of the International Standards for the Professional Practice of Internal Auditing, a chief audit executive (CAE) should develop and maintain a quality assurance and improvement program that covers all aspects of the internal audit activity and continuously monitor its effectiveness. Standard 1311 indicates that internal assessments should be performed that includes ongoing reviews of the internal audit activity. Standard 1312 states that an external assessment should be conducted at least once every five years by a qualified, independent reviewer or review team from outside the organization.
The ACUIA QAR Program was developed to assist credit union internal audit departments in complying with these Standards.
Benefits of a QAR
How your internal audit department and your credit union will benefit from a QAR:
- Enhances auditors' professionalism and assists in better meeting the needs of management, the Supervisory Committee, and the Board of Directors.
- Provides a productive exchange of ideas and techniques between reviewer and reviewee.
- Review is performed by someone who understands the credit union industry and the internal audit profession.
ACUIA QAR Program Available
The ACUIA has developed a QAR Program to assist the CAE in the completion of the required qualified and independent external assessment. The QAR Program package includes instructions, audit program guides, checklists, and example surveys, reports and forms. This package can be purchased via the link below.
There are three ways that this package of information can be used by an internal audit department: to complete a peer-to-peer review; to have a review by an independent firm, or to complete a self-assessment.
The peer-to-peer review is to be performed by a mutually agreeable qualified peer. In order to maintain an acceptable level of independence and to provide a learning experience for the CAEs involved, we recommend that a CAE does not reciprocate a review directly for the peer who completed his/her actual review. We recommend that for any CAE that has a peer-to-peer review completed, that the CAE commit to performing a peer-to-peer review for another credit union who is interested in obtaining a review in the future.
With the electronic communication capabilities available, the majority of the review could possibly be accomplished from your own office and limit the on-site review portion to a minimal amount of time.
The Program was developed for credit unions to identify peers to accomplish this review. Credit Unions contemplating a peer-to-peer review, should consider reviewer's experience (especially experience related to QARs), relevant professional certifications and accreditations, and need for absence of potential conflicts between reviewer and the user of the results. If peers cannot be located, see "Need More Information or a Peer" below.
Independent Firm Review
The ACUIA Board of Directors has approved a limited number of consulting firms that may use ACUIA's QAR Program on ACUIA member and non-member credit unions. This alternative is available for those credit unions who do want to be involved in a peer-to-peer reciprocal arrangement.
Any ACUIA members interested in having a firm conduct a QAR may negotiate an engagement directly with any of authorized firms noted below.
In order to meet the internal assessment requirements of the Standards or to prepare your internal audit department for an external assessment, a self-assessment QAR can be performed. This self-assessment is accomplished with the aid of many items included in the QAR Program package. It is recommended that when performing the self-assessment the following items in the package be completed:
- audit program guide
- workpaper review checklist
- assessment summary
- Auditee survey request (modifying request to fit your individual needs)
Purchase QAR Program Package
This QAR Program is available for purchase on CD. The ACUIA member cost is $25 ($35 for non-members).
To place your secure order online, click here.
To download a PDF order form (for fax and mail orders) click here.
Need More Information or a "Peer"?
To learn more about ACUIA's QAR program, contact the ACUIA office. Also, if you are interested in the peer-to-peer review and looking for peers to complete this process, please contact the ACUIA office and they will coordinate the credit unions contemplating this type of arrangement. The ACUIA office will need to know your credit union asset level and number of internal auditors in order to match similar peers.
Firms Approved (last updated July 2005)
ACUIA is proud to announce the following firms as authorized providers of the QAR external review program. If your credit union is seeking an ACUIA approved firm, contact the following firms directly:
90 Park Ave
Penthouse, NY 36061
Contact: Louis Casavina
Orth Chakler Murnane & Co CPAs
12515 N Kendall Dr Ste 124
Miami, FL 33186-1830
Contact: Douglas J. Orth, CPA, CFE
Phone: (888) 676-3447
Fax: (305) 271-2612
O'Rourke Sacher & Moulton (Part of RSM McGladrey Inc.)
2001 S Barrington Ave, Ste 303
Los Angeles, CA 90025
Contact: Kevin Koval
Phone: (310) 312-5323
Fax: (310) 312-3643
Witt Mares & Co PLC
150 W Main St, Ste 150
Norfolk, VA 23510
Contact: Eric M. Hemmings
Director of Credit Union Services
Phone: (757) 627-4644
Fax: (757) 62-9444
755 W Big Beaver Rd, Ste 2300
Troy, MI 48084
Contact: Robin Hoag, CPA, CMC
Phone: (248) 244-3242
Fax: (248) 273-6842