Combined Assurance

Question 1

Defition of combined assurance

Answer 1

Combined assurance involves integrating, coordinating and aligning the risk management and assurance processes within an organization to optimize and maximize the level of risk, governance, and control oversight over the organization’s landscape.

Question 2

Role players

Answer 2

1. management and staff
2. Other stakeholders
3. Shareholders
4. External auditors
5. Internal auditors

Question 3

Audit committee task are?

Answer 3

1. Responsible of monitoring the appropriateness of the company’s combined assurance model and ensuring that significant risks facing the company are adequately addressed.
2. They should oversee integrated reporting and internal audit functions.

Question 4

The benefits of combined assurance:

Answer 4

1. Better understanding of the organization’s focus
2. Reducing the likelihood of assurance risks “falling through the cracks”
3. Enhancing the control environment as well as awareness and discipline.
4. Improved coordination between assurance providers.
5. Reducing assurance fatigue in business
6. Controlling the regulatory environment instead of reacting to it.
7. Providing an extensible information model that can cope with the “next major initiative”
8. Improved utilization and deployment of assurance resources, which could ultimately result in cost savings
9. Increasing executive management and audit committee confidence, which forms a single picture of assurance .