The director of internal auditing should prepare a written action plan in response to the significant comments and recommendations contained in the report of external review. Appropriate follow-up is also the director's responsibility. Guideline 560.04 states that external reviews should be conducted at least once every three years. However, there may be circumstances that justify a different interval. The nature, scope, degree of independence, and overall results of the internal review program should also be considered in determining the external review interval.
External review is an important element of the program for achieving quality assurance.
However, if resources are limited, or for other reasons discussed above, the internal auditing department may be currently unable to obtain an external review. In these circumstances, more emphasis should be placed on supervision, periodic internal reviews, and other quality assurance methods that are available to the department. It is the responsibility of the director of internal audit to annually assess the conditions which restrict an external review. However, such a review should not be expected to achieve all of the objectives of an external review. More detailed information about external reviews is contained in other pronouncements and publications including the Quality Assurance Review Manual for Internal Auditing which was published by The Institute of Internal Auditors in 1984.