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 of effort

In our experience this is seldom even considered by most assurance providers

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 business.
• The breadth of skills in many assurance functions is limited.
• 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