The Institute of Internal Auditors standard 2050 requires that
the chief audit executive should share information and coordinate
activities with other internal and external providers of assurance
and consulting services to ensure proper coverage and minimise duplication
In our experience this is seldom even considered by most assurance
It is our experience that :-
- Most assurance functions roles and responsibilities
are not clearly defined.
- Assurance functions have separate
reporting lines and are not coordinated.
- Assurance functions
have different objectives and not all formally consider the
implications of risk.
- Many business assurance functions may
not base its programme on the most significant risks in the
- The breadth of skills in many assurance functions
- Many assurance functions are
not properly represented on the “top
table”. As a result their contribution is not
valued as it should be.
- Assurance functions are
often accused of not working together with management.
- Many reports produced by assurance functions are lack-lustre
and fail to promote change.
How we can help
We can assist you to develop a plan to work together with the other
assurance functions for mutual benefit to reduce duplication of
effort and minimise disruption.
Just think how popular you could be if you took the initiative
in this regard!.
This is a real win-win scenario
Follow the link for a paper on this subject Optimising assurance