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External Quality Assessments Aligned to the Global Internal Audit Standards
Cherry Hill Advisory provides independent External Quality Assessments aligned with the 2024 Global Internal Audit Standards. Our Q360™ methodology evaluates conformance, topical requirements, and audit maturity to strengthen credibility with audit committees and regulators.
Internal Audit Functions Are Facing Heightened Scrutiny
The 2024 Global Internal Audit Standards have raised expectations for internal audit functions. Audit committees are demanding clearer assurance, and regulators increasingly expect alignment not only with the Standards themselves but also with topical requirements covering areas such as cybersecurity, third-party risk, technology governance, and emerging operational risks.
Many internal audit teams believe their programs are performing well. What is harder to determine is:
- How closely the audit function aligns with the updated Global Internal Audit Standards
- Whether the Quality Assurance and Improvement Program (QAIP) is credible and defensible
- How the function compares to peer internal audit teams and leading practices across the profession
- Whether topical requirements and emerging risk areas are fully integrated into audit coverage
- Where the internal audit function sits on the maturity curve for governance, methodology, and stakeholder value
A quality assessment should do more than confirm compliance. It should provide internal audit leaders with clarity on where the function stands and what will strengthen it going forward.
Not All Quality Assessments Are Created Equal
Cherry Hill Advisory goes beyond baseline conformance.
Our Q360™ methodology evaluates how effectively internal audit is positioned to deliver value across governance, methodology, stakeholder alignment, and emerging risk areas.
Each assessment includes maturity benchmarking, stakeholder insight, and practical recommendations that help internal audit provide stronger insights to leadership and better support how the organization manages risk.
What you're used to
- Assessment providers without formal authorization under the IIA Quality Assessment Manual
- Reviews focused only on basic conformance with the Standards
- Few comparisons against leading practices
- Checklist driven evaluations with limited benchmarking or stakeholder insight
- Generic observations without clear prioritization
- Final reports with no external validation of the assessment
- External Quality Assessments performed by an IIA Authorized Licensee
- Assessment aligned with the Global Internal Audit Standards and topical requirements
- Benchmarking of internal audit maturity across governance and methodology
- Q360™ methodology combining conformance testing, maturity benchmarking, and stakeholder insight
- Findings prioritized based on what will most strengthen the audit function
- Digital EQA certification badge with independent verification through our verification portal
Our Internal Audit Quality Assessment Options
Internal audit functions differ in size, structure, and regulatory exposure. Cherry Hill Advisory provides scalable quality assessment solutions aligned with where your function stands today.
AuditPulse Snapshot
Ideal for teams exploring the new Standards.
A focused review that evaluates how the internal audit function aligns with the Global Internal Audit Standards and identifies potential gaps in methodology, documentation, and governance practices.
Q360™ Gap Assessment
Best for internal audit teams that want to identify and remediate gaps before a formal EQA.
A structured readiness review performed before a formal EQA. This assessment identifies standards gaps, evaluates QAIP documentation, and provides targeted recommendations to help internal audit teams prepare for the full assessment.
Q360™ External Quality Assessment (EQA)
Best for organizations requiring an independent five-year External Quality Assessment.
A comprehensive External Quality Assessment aligned with the 2024 Global Internal Audit Standards. This evaluation includes stakeholder interviews, methodology review, conformance analysis, and benchmarking of the internal audit function’s maturity.
Quality as a Service
Best for teams seeking ongoing readiness between formal assessments.
Ongoing advisory support that helps internal audit teams maintain their Quality Assurance and Improvement Program and strengthen audit methodology between External Quality Assessments.
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Topical Requirements Readiness
Best for teams preparing for new and evolving IIA topical requirements.
Evaluation of internal audit coverage related to emerging IIA topical requirements, including cybersecurity, third-party risk, and other developing areas of internal audit oversight.
What You Receive from a Cherry Hill External Quality Assessment
Cherry Hill Advisory delivers more than a standards attestation. Our External Quality Assessments provide insight that helps internal audit leaders strengthen the effectiveness and credibility of their function.
- Formal EQA Report
A comprehensive report confirming conformance with the 2024 Global Internal Audit Standards, including evaluation across the principle domains and applicable topical requirements. - Conformance Ratings Matrix
A structured summary showing how the internal audit function performs across the standards, providing clear communication for leadership and the audit committee. - Executive Presentation for Leadership and the Audit Committee
Clear communication of findings, strengths, and improvement opportunities presented in a format designed for executive leadership and board-level discussion. - Maturity Assessment and Benchmarking
Using recognized internal audit maturity models, we evaluate how the function performs across governance, stakeholder engagement, risk coverage, and operational effectiveness. This benchmarking provides a clear picture of where the function stands today and where it can grow. - Q360™ Stakeholder Insight
Cherry Hill Advisory’s Q360™ methodology captures feedback from stakeholders across the organization to evaluate how internal audit is perceived and how effectively it supports leadership. - Strategic Improvement Roadmap
Assessment findings are translated into a practical roadmap that prioritizes improvements and helps internal audit evolve over time. - Panel Consistency Review
Every External Quality Assessment undergoes an independent panel review before the final opinion is issued. This process confirms that conclusions are supported by evidence and aligned with the standards.
Certified External Quality Assessment Badge
Organizations receive a Cherry Hill Certified External Quality Assessment badge confirming the review was performed by an IIA Authorized Licensee and completed the firm’s independent panel consistency review process.
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A Clear, Practical Assessment Process
Our Q360™ framework follows four disciplined phases designed to minimize disruption while delivering meaningful clarity.
QUEST
We begin with rapid fact-finding through leadership interviews, secure document review, and targeted data analysis.This allows us to quickly understand how your internal audit function currently operates while minimizing disruption to the team.
QUANTIFY
Next, we benchmark your internal audit function against leading practices and peer organizations. This provides leadership with a clear picture of where the function stands today and where improvements can create the most impact.
QUICK-WIN
We work with internal audit leadership to identify practical improvements and develop a 90-day action plan focused on strengthening the effectiveness and credibility of the audit function. These early improvements help build momentum and demonstrate value quickly.
QUALIFY
Finally, we complete a full evaluation of internal audit maturity and alignment with the Global Internal Audit Standards and applicable topical requirements. The result is a clear assessment of the function along with recommendations that support long-term improvement.
Trusted by Internal Audit Leaders
Cherry Hill combines Big 4 pedigree with boutique attention. Senior specialists lead every engagement. There is no layered delivery model and no dilution of expertise.
Our work is designed to protect your credibility while strengthening the long-term performance of your audit function.
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Let’s Strengthen Your Internal Audit Function
If your organization is preparing for an External Quality Assessment or looking to strengthen the maturity and effectiveness of internal audit, Cherry Hill Advisory can help.
