Qualified Audit Academy (QAA) - Comprehensive Analysis Report

Summary

Qualified Audit Academy (QAA), operating under audit-academy.be, is a specialized training and coaching company focused on auditing and related control activities. It provides comprehensive courses and tailor-made programs in English, French, and Dutch. QAA's mission is to enhance the competence, skills, and efficiency of qualified professionals in governance, risk, and audit through specialized training, coaching, and assessment services. The company is recognized in Belgium and neighboring countries for its profound expertise in these critical areas, playing a vital role in professional development within the audit and control environment.

1. Strategic Focus & Objectives

Core Objectives

QAA's main business objectives revolve around enhancing the competence, skills, and efficiency of professionals in the increasingly complex fields of governance, risk, and audit. The company aims to improve the efficiency and effectiveness of these professionals, enabling them to navigate evolving audit, risk, and control environments with greater proficiency.

Specialization Areas

QAA specializes in providing advanced training and coaching in several key areas:
Internal Audit: Comprehensive programs for internal audit professionals.
IT Audit: Expertise in auditing information technology systems and processes.
Specific Audit Aspects: Including the development of robust audit plans.
Information Security: Training aligned with ISO 27001 standards.
IT Governance Frameworks: In-depth courses on COBIT 2019.
Data Privacy: Controlling risks related to personal privacy, notably GDPR.
Audit Preparation and Follow-up: Assisting organizations in preparing for audits and effectively implementing recommendations.
Quality Assessment Review (QAR) Services: To evaluate the effectiveness and efficiency of internal audit departments.
The company has transitioned from public courses to focusing exclusively on customized, on-site training sessions tailored to specific client needs. Its coaching services support internal audit departments across a multitude of subjects, including internal audit, risk management, information technology, privacy, and security.

Target Markets

QAA primarily targets qualified professionals and internal audit departments within Belgium and neighboring countries. Its services cater to individuals and teams responsible for governance, risk, and audit functions who seek to improve their expertise and operational effectiveness.

2. Product Pipeline

Key Products/Services

QAA offers a diverse range of specialized training courses and coaching services:
Internal Audit Training: Courses designed to develop core internal audit skills, methodologies, and best practices.
Development Stage: Fully developed and actively delivered.
Target Market/Condition: Internal audit professionals seeking to enhance their capabilities.
Key Features/Benefits: Practical, experience-driven content, tailored to organizational needs.
IT Audit & Governance Training:
COBIT 2019 Foundation and Bridge courses: Introduction to and advanced application of the COBIT framework.
Development Stage: Fully developed.
Target Market/Condition: IT auditors, IT managers, and governance professionals.
Key Features/Benefits: Master IT governance principles for effective control and risk management.
COBIT 2019 for Auditors: Specific application of COBIT principles in audit contexts.
Development Stage: Fully developed.
Target Market/Condition: IT auditors.
Key Features/Benefits: Improves audit effectiveness over IT processes.
Information Security & Privacy Training:
ISO 27001 Information Security: Training on implementing and managing an information security management system.
Development Stage: Fully developed.
Target Market/Condition: Professionals responsible for information security.
Key Features/Benefits: Builds expertise in protecting organizational information assets.
Mastering Privacy Risks (GDPR): Courses focused on understanding and complying with GDPR regulations.
Development Stage: Fully developed.
Target Market/Condition: Privacy officers, IT and legal professionals, anyone handling personal data.
Key Features/Benefits: Ensures compliance and mitigates privacy-related risks.
Internal Control Frameworks:
COSO 2013 Internal Control Framework: Training on the widely recognized framework for internal control.
Development Stage: Fully developed.
Target Market/Condition: Audit, risk, and compliance professionals.
Key Features/Benefits: Strengthens organizational internal control systems.
Operational Processes and Application Controls Audit Uncovered: Addresses audit considerations for IT-dependent operational processes.
Development Stage: Fully developed.
Target Market/Condition: Auditors and control professionals dealing with operational IT systems.
Key Features/Benefits: Provides insights into auditing complex IT-driven operational controls.
Quality Assessment Review (QAR) Services: Professional review of internal audit departments.
Development Stage: Ongoing service offering.
Target Market/Condition: Internal audit departments seeking to assess and improve their effectiveness.
Key Features/Benefits: Independent evaluation, identification of improvement areas.
Coaching Services: Tailored support for internal audit departments across various subjects.
Development Stage: Ongoing service offering.
Target Market/Condition: Internal audit teams requiring specific guidance or mentorship.
Key Features/Benefits: Personalized, expert guidance on internal audit, risk, IT, privacy, and security.

3. Technology & Innovation

Technology Stack

QAA integrates established technological standards and scientific methodologies into its training and coaching programs.
Methodologies for Risk Assessment: Employs the ISO 27005 standard and the NIST (National Institute of Standards & Technology) framework for information systems risk assessment, particularly in coaching assignments for entities like the European Commission.
IT Governance Frameworks: Focuses extensively on COBIT 2019 for IT management and governance.
Information Security Standards: Incorporates ISO 27001 for information security management.
Internal Control Frameworks: Utilizes the COSO 2013 internal control framework.
Data Protection Regulations: Addresses the complexities of GDPR.
These technologies and methodologies form the backbone of QAA's curriculum, ensuring that professionals are trained in globally recognized and industry-standard practices.

4. Leadership & Management

Executive Team

Monique Garsoux - Co-founder & Internal Audit Trainer.
Professional Background: Extensive experience in audit, governance, and risk within the financial and services sector, at institutions like Belfius.
Notable Achievements: Established audit processes and methodologies at Belfius's 'Audit Office,' responsible for quality assurance and reporting to governance bodies. Certified in CGEIT, QAR, Chartered Director, and COBIT 5 Foundation. Former Board Member of IIA and ISACA. Over 20 years of experience providing training for IIA and IFACI.
Key Contributions: Played a pivotal role in establishing QAA's expertise in internal audit, risk management, internal control, QAR, and governance before her passing.
LinkedIn: `https://www.linkedin.com/in/monique-garsoux-ba88a53/`
Patrick Soenen - Co-founder & IT/GDPR Trainer.
Professional Background: Extensive experience in IT management and governance, particularly in digitalization within the services sector internationally. Over 15 years in IT audit and consulting.
Notable Achievements: Certified in CGEIT, COBIT, CRISC, ISO 27001, and as a Chartered Director. Active member of the Board of Directors for IFA, IIA, ISACA, IFACI, and ECGI. Acts as a GDPR expert for IFACI.
Key Contributions: Drives QAA's offerings in IT audit, IT governance, information security, and privacy expertise, including GDPR compliance.
LinkedIn: `https://www.linkedin.com/in/patrick-soenen-a633a6/`
Alain Bonneaud - IT/Security Trainer.
Toon De Doncker - Security/Privacy Trainer.
Erik De Schepper - Lean Six Sigma Trainer.
Yves Goossens - IT Governance Coach.
Frederik Vervoort - Privacy/Data Analytics Trainer.

Recent Leadership Changes

Monique Garsoux, a co-founder and a prominent internal audit trainer, recently passed away. Her contributions to IIA Belgium and the wider audit community, including her role as a former Vice-Chair of the Board of IIA Belgium, were highly valued. Her impactful legacy in audit and internal control remains significant.

5. Social Media Presence and Engagement

Digital Footprint

Qualified Audit Academy maintains a professional social media presence, primarily leveraging LinkedIn. The company uses this platform to share relevant updates and insights, such as videos showcasing their training courses and highlighting specific coaching assignments, like Patrick Soenen's work with the European Commission on information systems risks. QAA's online strategy aims to create an immersive experience of its training environment, featuring testimonials from past participants to reinforce its credibility and the value of its programs.

6. Recognition and Awards

Industry Recognition

While specific awards are not detailed, Qualified Audit Academy's leadership and engagements reflect significant industry recognition:
Expert Engagement: Patrick Soenen's coaching assignment for the European Commission in information systems risks underscores QAA's standing as a trusted expert for high-profile entities.
Leadership Involvement: Both co-founders, particularly Patrick Soenen, are active board members in prestigious professional institutes such as IIA, ISACA, IFA, IFACI, and ECGI. These roles demonstrate their deep integration into the audit and governance community and contribute to QAA's reputation as a leader in its field.
Professional Endorsements: The testimonials from participants featured on QAA's website serve as direct feedback on the quality and impact of their training and coaching.
Strategic Partnerships: Collaborations with key industry bodies like ISACA Belgium and IIA Belgium further solidify QAA's recognized position within the professional landscape.

7. Competitive Analysis

Major Competitors

The Belgian market for audit and corporate training is dynamic, with several participants offering diverse solutions:
IIA Belgium in collaboration with KPMG Advisory: Provides certified internal auditor training focused on equipping Chief Audit Executives and internal audit professionals.
Focus Areas: Internal audit certification, professional development.
Technological Capabilities: Leverages established audit methodologies.
Competitive Positioning: Strong institutional backing, recognized certification pathways.
The Knowledge Academy: Offers Certified Internal Auditor Training and GDPR awareness training in various Belgian cities.
Focus Areas: Wide range of certification-based professional training.
Technological Capabilities: Standardized training platforms.
Competitive Positioning: Broad geographical reach, diverse course catalog.
General Corporate Training and Consulting Companies: These include Edstellar, NCOI Learning, SD Worx, ManpowerGroup, Vendere, and PHCOM.
Company Overview: Offer various services from professional development to leadership training, HR management, payroll, and talent development.
Focus Areas: Broader corporate training needs, not exclusively audit.
Technological Capabilities: Diverse platforms for general corporate training.
Competitive Positioning: Larger, broader service offerings that may include some governance/risk-related training as part of a wider portfolio but lack QAA's deep specialization in audit and control.

QAA differentiates itself through its deep specialization in audit, risk, and control, coupled with its focus on customized, on-site training delivered by highly experienced and industry-active experts.

8. Market Analysis

Market Overview

The Belgian corporate training market is experiencing robust growth, driven by the increasing need for a skilled and adaptable workforce.
Total Addressable Market Size: Projected to reach €2.8 billion by 2025.
Growth Potential: Significant, fueled by evolving regulatory landscapes and technological advancements.
Key Market Trends:
Digitalization: High demand for skills in data analysis, cloud computing, and cybersecurity. Belgium ranks 16th globally for IT business process services exports, bolstered by a strong government focus on digitalization.
Soft Skills: Increasing need for communication, collaboration, and critical thinking.
Sustainability: Growing importance of green technologies and sustainable practices.
Regulatory Compliance: The introduction of the Belgian NIS2 Law (effective October 18, 2024) and ongoing GDPR compliance requirements are significant drivers for specialized training in cybersecurity, data protection, and IT governance.
Market Challenges and Opportunities: Businesses in Belgium face challenges in finding employees with the right skills, with 82% reporting such difficulties, creating a significant opportunity for specialized training providers. The average Belgian worker participates in 11 days of training per year, indicating a continuous investment in professional development. QAA is well-positioned to capitalize on these trends, particularly in specialized areas where skills gaps are most pronounced.

9. Strategic Partnerships

Qualified Audit Academy has cultivated strategic partnerships with several reputable organizations, reinforcing its market position and access to industry insights:
ISACA Belgium: A professional organization for IT governance professionals. The partnership likely enhances QAA's standing in IT audit and governance training.
Ifaci (Institut Français de l'Audit et du Contrôle Interne): A leading French institute for internal audit and control, expanding QAA's