University of Kentucky Internal Audit (UKIA) prides itself on its Quality Assurance Initiatives and Program. Our department strives to provide the best possible service to the university by staying atop of industry and professional standards through continuous professional education, continuous process improvement and recommended assessments.
According to the Institute of Internal Auditors (IIA) Standard 1310, our activities should adopt a process to monitor and assess the overall effectiveness of the Quality Program. The process should include both internal and external assessments, with the external assessment recommended every five years. The purpose is to provide reasonable assurance of professional standard conformity to those that rely on our work.
As of 2020, UKIA has undergone three Quality Assurance Reviews (QAR), the first of which was completed in 2009. The second was completed by the firm HonKamp, Krueger & Co, P.C. in 2014. in which UKIA received the highest possible rating in every category. According to the official Quality Assessment Report, UKIA "demonstrated a commitment to quality, successful leadership practices, and maintaining an internal auditor’s mindset for professionalism," and added that UKIA "has developed and implemented an internal audit methodology, a set of policy and procedures, and built a team of experienced auditors based upon the principles promulgated by The IIA."
In the 2020 QAR, UKIA again received “Generally Conforms,” the highest possible rating, in all four categories of Governance, Staff, Management and Process. See the picture below for details of these ratings. To achieve this rating across the board, the IIA, which conducted this review, stated that UKIA “demonstrates a clear intent and commitment to achieving the Core Principles and the Definition of Internal Auditing…Their ability to adapt and be responsive to change, combined with their ability to leverage insight on risks impacting the organization into focused audit plans, will continue to be critical to their success and value to UK.” This QAR also revealed how our stakeholders view us, with outstanding compliments such as "UKIA effectively communicates results of engagements to senior management and the ACC. Engagement reports are well done and focus on things that are important,” and "communication protocols before, during, and after the audit are excellent. There are never any surprises. They listen effectively.”
UKIA is proud to be recognized for the progress we have made to improve our protocols and practices which, in turn, enhance our ability to provide assurance services that support the mission of this great institution. These assessments provide further evidence to the board, management and other key stakeholders that the internal audit activity adds value through improving the organization's operations, contributing to the attainment of objectives and ensuring a strong internal controls structure.