Quality Improvement Plan
A formal plan documenting the internal audit function's specific actions to improve its operations and Standards conformance, typically developed following quality assessment findings. It includes specific actions, owners, and timelines aimed at eliminating deficiencies and enhancing audit effectiveness.
Source: IIA GIAS 2024, Standard 1320
A Quality Improvement Plan is a formal plan in which the internal audit function documents the specific actions it will take to improve its operations and conformance with the Global Internal Audit Standards (GIAS) 2024. An improvement plan is typically developed following findings from a quality assessment and includes specific actions, owners, and timelines aimed at eliminating deficiencies and enhancing audit effectiveness. It is therefore the link between an assessment rating and demonstrably better quality.
For the board, the supervisory board, and the audit committee, the improvement plan makes clear that an assessment rating is not without obligation. It shows which deficiencies are being addressed, who is responsible, and within what timeframe. This allows the audit committee to track progress and hold management accountable for results, rather than being left with a single point-in-time snapshot.
A workable improvement plan translates each finding into a concrete action with an owner and a realistic deadline. It distinguishes quick wins from structural changes in governance, methodology, or competencies, and it sets priorities based on the impact on conformance and on the reliability of the assurance. The Chief Audit Executive (CAE) oversees execution within the Quality Assurance and Improvement Program (QAIP) and reports on progress. A follow-up assessment makes the achieved conformity rating (generally conforms, partially conforms, or does not conform) demonstrable.
ONE Risk Advisory draws up improvement plans that are workable and lead demonstrably to a higher conformance level. We translate the findings from the assessment into concrete actions, owners, and timelines, and keep the plan feasible within the capacity and context of the function.
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Frequently asked questions
When does an audit function draw up an improvement plan?
Typically following findings from a quality assessment, such as an External Quality Assessment (EQA) or an internal review. The plan translates those findings into concrete actions, owners, and timelines.
What should an improvement plan contain as a minimum?
For each finding a specific action, an owner, and a realistic timeline. A good plan also sets priorities based on the impact on conformance and on the reliability of the assurance.
How do we know the improvement plan has worked?
The Chief Audit Executive (CAE) oversees execution within the Quality Assurance and Improvement Program (QAIP) and reports on progress. A follow-up assessment makes the achieved conformity rating demonstrable.