I can deliver an internal audit effectivness review in various ways by doing one or a combination of the following: -

Performing an independent effectiveness review, as required at least every 5 years by the Institute of Internal Auditors.  This can be a tremendous source of assurance to senior management, NEDs and shareholders, including increasingly active institutional shareholders.

Specifying Internal Audit Terms of Reference for a fledgling Internal Audit Department.

Developing an internal audit methodology, quality assurance process and reporting structure tailored to each organisation’s corporate governance needs.

Supporting an Internal Audit Department by reviewing its existing methodology.

Analysing  internal audit practice to make recommendations to the Head of Internal Audit for immediate implementation.  As a  wide range of philosophies and practices are adopted by internal audit departments and higher standards are needed, meeting the FSA expectations is not going to get easier.