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HIAF Benchmarking Club

HIAF is investigating the potential of a benchmarking club that would allow members to compare the outcomes of internal audit reviews at their association with those of similar reviews at other associations.

The aim of the scheme is to add value to internal audit reports by providing management and audit committee members with a benchmark by which the classification of audit opinions and the number and classification of recommendations can be compared with the results of audits of a similar nature carried out by HIAF members in the sector. For example, management and audit committee members might be concerned to receive a report making 10 recommendations, but might be less concerned if the benchmarking information showed that this was typical for audits of a similar nature in the sector in the past two years.

How it would work

Participating members would be asked to supply the audit opinion classification and number and classification of recommendations for all audit reviews carried out in 2008/09 and 2009/10 to HIAF; these would then be recorded in a database. Members would then submit the results of their audits as they are completed and in return receive benchmarked results for audits of a similar nature carried out in the sector.

We foresee some challenges with the scheme, such as the need for anonymity and the differing audit strategies and approaches we each have, and therefore we will shortly ask members to complete a short survey to assess the viability of the scheme.

If you have any questions about the proposed scheme please contact Chris Down.

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