The Administrative Code of Virginia requires Internal Audit departments to comply with the International Standards for the Professional Practice of Internal Auditing and Ethics (the Standards) of the Institute of Internal Auditors (IIA). Those Standards require that an external assessment or an Independent Validation of an internal Self-Assessment be conducted at least once every five years by an independent reviewer or review team from outside the organization.
The Department of Accounts’ Division of State Internal Audit solicited and contracted with several consulting firms to conduct the Quality Assurance Reviews for the Commonwealth’s Internal Audit Departments. University of Mary Washington selected RM Advisory Services from those contracts to perform an Independent Validation of the Self-Assessment performed by the Internal Audit Department.
Based on the Self-Assessment, the Internal Audit Department generally conforms to the Standards.
(“Generally conforms” means that an internal audit activity has a charter, policies, and processes that are judged to be in accordance with the Standards, with some opportunities for improvement. Using The IIA’s terminology, this is highest ranking that can be given.)