White Paper - Assurance Strategy

Whitepaper

This is a members only resource.

Author

Andrew Cox

MBA, MEC, GradDipSc, GradCertPA, DipBusAdmin, DipPubAdmin, AssDipAcctg, CertSQM, PFIIA, CIA, CISA, CFE, CGAP, CSQA, MACS Snr, MRMIA

Dr Meredith Caelli

PhD, PMIIA, GradCertIA, GradCertBusAdmin

Date

2022

Topics Explored

Governance, Assurance and Integrated Assurance

Format

White Paper

Extract/Description

Internal audit is only one assurance mechanism in a suite of assurance mechanisms. Ideally, all assurance activities and their effectiveness should be visible to the governing body, audit committee and management. Assurance
activities should not be limited to Line 3 internal audit doing them – there are opportunities for the Line 1 and Line 2 functions to have identified assurance activities encapsulated in formal plans that can be overseen by
management and deliver an assurance program across the whole organisation – breaking down the silos of assurance activity across the organisation as often associated with the 3 Lines Model.

Key Points

1. Assurance strategy objectives were to provide management, the chief executive, board and audit committee.
2. The assurance strategy process led to a number of outputs.