For what investment return?
In terms of value creation and preservation drivers, an Internal Auditing Department with IFACI certification process adds a real competitive edge to the Organisation
By examining the requirements of the Professional Framework, the IFACI certification process attests that an Internal Auditing Department is indeed addressing the Organization’s challenges and that it satisfies the five fundamental concerns of executive bodies.
The IFACI certification process verifies that the Internal Audit:
- has adopted the necessary measures to verify that risk management and internal surveillance processes are adequately managed within the scope of the resources granted to the Internal Audit Department’s function.
- is cost-efficient: ensuring that the Internal Audit Department’s financial and technical resources are applied in an economical way
- is efficient: striking the right balance between the quality of the services provided by Internal Auditing Departments and the human and technological resources that they use.
- is effective: achieving results and providing value in accordance with objectives established in liaison with the executive and oversight bodies of the organization.
- is relevant: focusing the work of Internal Audit Departments on managing and mitigating risks that could undermine the corporate mission of the Organization.
Professional Practice Framework of Internal Auditing (RPAI).
The IFACI Quality Certification is based on a framework translating into more practical terms the Professional Practice Framework of Internal Auditing (RPAI). .
The RPAI 2015 is structured into 6 Categories:
- Planning & Piloting
- Programme of Governance Risk and Control Assessment
- Performance & Quality
- Process of Auditing
It is comprised of twenty five general requirements each identified by one hundred detailed requirements.
An independent Assessment Committee, comprised of three boards (Directors, Users and Experts of Internal Audit processes) is consulted when each new version of the Professional Practice Framework of Internal Auditing (RPAI) is implemented.