You are the newly appointed chief audit executive (CAE) of DYI limited, a company listed on the Johannesburg Stock Exchange (JSE). Recognising that the compliance with the International Standards for the Professional Practice of Internal Auditing is mandatory for all internal audit activities, you believe that achieving high levels of internal audit professionalism depends on the extent to which a Quality Assurance and Improvement Programme (QAIP) is embedded into internal audit practices. Soon after assuming your duties as the CAE, you realise that the last external QAIP assessment was done almost three years ago. After reviewing the audit committee minutes where the previous report from the external quality assurors, was discussed, you realise that the audit committee did not understand the purpose thereof. As a result of certain deficiencies raised in the report on the previous external QAIP assessment, you resolve to have an external QAIP assessment done within the forthcoming few months. You decide to address the audit committee about the concerns that they had previously raised about value of external assessments. REQUIRED Briefly discuss your views on the following:

1.1 With reference to the International Professional Practice Framework (IPPF), discuss the requirements for external assessment of the QAIP for DYI Limited. 

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The detailed answer for the above question is provided below The International Professional Practice Framework IPPF developed by the Institute of Inte... View the full answer