Audit Team of the Year - Private Sector - New Criteria
10/21/2016

Download Criteria

Download Nomination Form

Private Sector

  1. Nomination
    • The Institute will consider QARs that have been done in the past three years and all these will be nominees for the award.
    • The Institute will invite members to submit names of companies that have had a QAR done by other organisations besides the IIA in the past three years. All such audit teams will be considered nominees for the award.
    • Where the QAR was done by other organisations, the Institute will request the CAE of the organisation to arrange for the availing of the QAR evaluation results to the Institute.
    • In order to be considered, all valid nominations should be accompanied by a brief motivation by one of the nominated audit team members. The motivation letter can also be done by another knowledgeable senior official in the organisation.
    • The brief should describe why the member believes the nominated audit team is worthy of recognition for the award and must cover the specific areas specified in section 4 under Criteria below.
  2. Criteria
    • The award will be internal audit team based. The Internal Audit Team of the Year will be chosen from those who have conducted QAR within the past 3 years.
    • This method is preferred because it is based on results of evaluations that are based on the specific requirements of the IIA. It is more objective and based on our standards.
    • The award will be audit team based and will primarily be based on Evaluation Reports from those who carried out the assessment. QARs will be the major element, carrying 90% of the evaluation. A motivation letter will be required for each nominee audit team and this will be considered for the remaining 10% of the evaluation.
    • The motivation letter must cover the following issues:
      • contribution to the internal audit profession,
      • volunteerism in IIA activities,
      • special achievements. Special achievements may be activities or recommendations that were done by the IA unit that had significant value adding effect to their organisation.
      • relationship building (with management and audit committee),
      • integrity and professionalism
      • business acumen (the ability to accurately see and understand the organization and its employees, processes and culture and to know, and keep current on, what’s going on in the business)
      • continuous learning (e.g., number of certified Internal Auditors in the audit team).
      • Communication (that goes beyond written audit reports)
      • efficiencies and performance improvement
      • cost savings (as a result of audit actions).
    • In September of each year a call will be made for all those internal audit units who had a QAR in the past year (September to August) to submit their names and the name of the reviewer. The institute will then contact the reviewers to release their evaluation report summaries for consideration.
    • Where the review was done by organisations other than the IIA, the CAE will be asked to request the CEO of his organisation to release the results of their review to the institute for evaluation.
    • Evaluation reports will be submitted to an appointed Adjudication Committee.
    • The winner will be based on the Company with the highest number of Generally Conforms (GC) points.
    • The Adjudication Committee will adjudicate, assigning points to different levels of compliance, e.g.  5 points for GCs, 2 points for Partially Conforms (PCs) and no point for Does Not Conform (DNC).
    • Where there is a tie, the adjudication committee will request further information that can enable them to make a distinction.
    • Where an organisation is in an industry where internal audit is subject to other requirements in addition to those of the institute, results of assessments in relation to those requirements will be considered in addition to QARs. For example, SECZ/ZSE requirements for listed companies, etc.
  3. Eligibility:
    1. Audit teams that have undergone a QAR in the past three years are eligible to receive this award.
    2. For an audit team to be considered its activities should be based in Zimbabwe.
    3. The motivation accompanying this nomination should affirm that it is sufficient, current, authentic, reliable and verifiable.
  4. ADJUDICATION PROCESS
    • The Adjudication will be based on the qualifying criteria with varied weighting being given to each criteria element.
    • Each audit team on the shortlist will be assessed on each criteria element and given a score using a scoring sheet with ratings to be agreed by the committee.
    • The committee will verify the motivation letters submitted and may call for evidence to support statements therein.
    • The Adjudication Team members will evaluate motivation letters separately. The points assigned by them will be added to the QAR evaluation points but forming 10% of the overall evaluation.
  5. AWARDING PROCESS
    • A winner will be chosen based on the audit team with the highest score.
    • A summary of the key attributes of the winning audit team will then be drafted by the Adjudication committee secretary and ratified by all the members.
    • The chosen winner’s identity will be announced to all the members on the prize giving night.

NB.

  • It should be noted that if any statement that has been relied upon to make this award is subsequently found to be false, after receipt of an Award, the Institute of Internal Auditors Zimbabwe would reserve the right to withdraw such an Award.
  • The Institute of Internal Auditors Zimbabwe reserves the right to withdraw any Award if any of their statements is subsequently found to be false, before or after their receipt of an Award.