As the IIA 2024 Global Internal Audit Standards reshape expectations for internal audit, External Quality Assessments (EQAs) have evolved from compliance exercises into strategic accelerators. EQAs now measure not only conformance, but also effectiveness, maturity, and organizational influence. They help internal audit functions demonstrate measurable value to stakeholders and regulators. 

Why EQAs matter more than ever 

An EQA provides independent validation of an internal audit function’s performance and alignment with professional standards. Beyond confirming compliance, today’s EQAs assess how well the function drives insights, adds value, and supports risk governance. Key drivers for renewed emphasis include:  

• The shift from IIA 2017 to 2024 Standards (culture, innovation, and outcomes) 
• Heightened expectations from regulators (FRB, OCC, and OSFI) 
• Growing focus on integration with second line and alignment to risk appetite 

The outcome

An EQA provides assurance of conformance and a roadmap to evolve. It strengthens internal audit’s creditability with boards, enhances confidence with regulators, and accelerates continuous improvement across people, process, and performance. 

CohnReznick’s distinctive approach

With over 50 EQAs performed across banking, insurance, and asset management, our methodology blends regulatory acumen with IIA best practice expertise. Each engagement delivers a holistic assessment spanning:

• Audit plan and coverage alignment
• Audit execution and advisory effectiveness
• People model and resource capability
• Reporting and governance to the Board and Audit Committee
• Tools and enablers supporting efficiency and insight
• Core principles (mandate, strategy, independence, and impact)

Four phases of insight

1. Planning and alignment – Understand strategy, scope, and success criteria.
2. Conformance review – Evaluate adherence to IIA Standards and policies.
3. Maturity assessment – Benchmark capabilities, processes, and outcomes.
4. Reporting and recommendations – Deliver actionable considerations and prioritized improvement roadmap.

Reach out to learn more about our EQA services, or to get your EQA started.