19
January
2018

QAIP Service Providers in Hong Kong

Pursuant to Hong Kong Corporate Governance Code Provision C2.2, the board’s annual review should ensure the adequacy of resources, staff qualifications and experience, training programmes and budget of the issuer’s internal audit function. At the IIA, we advocate that The IIA's International Standards for the Professional Practice of Internal Auditing (Standards) constitute the definitive framework for the professional practice of internal auditing, enabling HK IA departments to comply with this HK Code Provision.
 
The International Standards for the Professional Practice of Internal Auditing (Standards) 1300 series require a Chief Audit Executive (CAE) to develop and maintain a Quality Assurance and Improvement Program (QAIP). A QAIP is designed to enable an evaluation of the internal audit activity’s conformance with the Definition of Internal Auditing and the Standards and an evaluation of whether internal auditors apply the Code of Ethics. The program also assesses the efficiency and effectiveness of the internal audit activity and identifies opportunities for improvement.
 
The required elements of a QAIP include ongoing and periodic internal assessments which lay the foundation for external assessments and together establish conformance with the Standards. The QAIP not only provides a means for evaluation of conformance with the Standards, but evidence to the audit committee and management that the internal audit activity is concerned about the organization’s internal controls, ethics, governance, and risk management processes. It builds stakeholder confidence and documents a commitment to quality, leading practices, and the internal auditors’ mindset for professionalism.
 
IIA Hong Kong is enabling a list of QAIP service providers in our new website http://theiiahk.org to assist you in this process. Service providers who wish to be included in this list on our website are required to fulfil our requirements below:
 
1) Is an IIA HK Corporate Member at date of application.
2) Have at least 8 professional staff in their IA Department or relevant consulting service function, one of which must be a CIA.
3) Confirmed awareness of IIA Standard 1300 and related IIA technical guidance.
4) Committed to conforming to the IIA Standard 1300 and related IIA technical guidance, as a minimum.
5) Pay an annual registration fee of HK$5,000 to maintain their listing on the IIA HK website.
 
INCLUSION IN THE LIST IN NO WAY IMPLIES THAT THE IIA HK HAS ENDORSED THE CAPABILITIES OF YOUR ORGANIZATIONS TO PERFORM QAIPs.
 
If you are interested in listing your firm as a QAIP service provider on our website, please register your interest by contacting us at iiahkadminservices@theiiahk.org now!