Is an external QA a basis for a conclusion as to the reliability of the internal activity's work?

Under the Sarbanes-oxley Act of 2002 section 404, the external auditor must assess the work of the internal audit activity in order to rely on their work. 

The IIA strongly encourages that the results of an external QA be considered in order to come to a conclusion as to the reliability of the internal audit function’s work.