External Assessment of Internal Audit

The PPF were looking for a consultancy firm to perform an external quality assessment of its Internal Audit function. The objectives of the assessment are to evaluate whether IA conforms to Public Sector Internal Audit Standards ("PSIAS"), to review its impact on the organisation and to identify actions for continuous improvement. The assessment should conform with HM Treasury's recommended approach to carrying out internal and external quality assessments, which is set out in its Internal Audit Quality Assessment Framework (IAQAF):