OAAS maintains a quality assurance and improvement program (QAIP) that complies with the Global Internal Audit Standards, as published by The Institute of Internal Auditors. The Chief Audit Officer (CAO) has developed, implemented, and maintained a QAIP that covers all aspects of the internal audit function. The program includes internal and external assessments of the internal audit function’s conformance with the Global Internal Audit Standards, as well as performance measurement to assess the internal audit function’s progress toward the achievement of its objectives and promotion of continuous improvement. The program also assesses, if applicable, compliance with laws and/or regulations relevant to internal auditing. Also, if applicable, the assessment includes plans to address the internal audit function’s deficiencies and opportunities for improvement.
Annually, the CAO communicates to the President, Chair of the Audit and Compliance Committee, and Executive Management on the internal audit function’s QAIP, including the results of internal assessments (ongoing monitoring and periodic self-assessments) and external assessments, which are conducted at least every five years, and any action plans to address any identified deficiencies or opportunities for improvement.