We hold ourselves to the highest standards in the internal audit industry and adhere to stringent professional principles. In 2016, an outside firm audited us, and we’re proud to have received a top rating.
We perform all work according to the International Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors (IIA). These standards, which provide a framework for conducting internal audits and advisory (consulting) services, require objectivity and independence when delivering reviews.
We strengthen our team and evolve our work processes through an ongoing quality assurance program, including:
- Professional development: We support our team’s efforts to pursue relevant certifications, participate in training, and attend industry conferences and seminars. Members of our team enhance their knowledge and skills through ongoing continuing professional education, as required by their professional certifications.
- Post-engagement surveys: After every audit, we solicit feedback from our clients and use this insight to improve our operations.
Roles and responsibilities
Within the Audit Division, we have a specialized role: Manager of Audit Quality. The manager doesn’t perform audits, but is dedicated to improving our service delivery and ensuring the effectiveness of everything we do.
- Keeping up to date on the professional standards we follow and how they apply to our work.
- Analyzing completed audits and comparing them to our standards.
- Aligning our processes to meet new professional guidelines.
- Evaluating post-engagement client surveys and using the feedback to refine our priorities.
- Reviewing audit reports.
We get audited too. In 2016, an independent firm performed a quality assessment review of the Audit Division.
We received a top rating for conforming to the International Standards for the Professional Practice of Internal Auditing. We were also recognized as a well-established function that delivers value to the MIT community and contributes to the Institute’s mission and governance.
The firm noted these key strengths in its final report:
- Experienced and skilled staff perceived as collaborative, professional, open, and applying best practices.
- Focus on professional standards and practices.
- Support to Institute-wide process improvements.
- Strong satisfaction level of the MIT Corporation Risk and Audit Committee.
- Involvement in Institute-wide committees and task forces.
- Effective collaboration with Risk Management and Compliance Services.
Questions about quality assurance?
Kimberly Ahern, Manager of Audit Quality