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3D.3.1 Combined Assurance<br />
An extension of assurance mapping is sometimes referred to as combined assurance. Beyond<br />
the tracking of assurance coverage across all major risk categories, combined assurance is a<br />
more coordinated approach to provide greater insights on governance, risk management, and<br />
internal control. According to guidance produced by AuditBoard:<br />
True combined assurance represents the ultimate level of coordination, including such<br />
elements as combined scheduling, consolidated planning and reporting, shared terminology,<br />
and use of common and shared technology. 50<br />
The seven steps described in the article are:<br />
1. Establish a baseline.<br />
2. Outline and define your objectives and expected benefits.<br />
3. Obtain involvement of other assurance providers.<br />
4. Communicate with, educate, and obtain sponsorship of key stakeholders.<br />
5. Take an iterative step-by-step approach.<br />
6. Create a change management plan.<br />
7. Measure and report on success against expected benefits. 51<br />
More advanced guidance is given by AuditBoard in the guide Advancing Combined Assurance<br />
to Manage Risks. 52<br />
In the King IV Code of Corporate Governance, combined assurance has a specific meaning<br />
linked to King’s model of five lines of assurance, an extension of the Three Lines Model to<br />
include external audit and the board.<br />
3D.3: Reflection<br />
Who provides assurance to management and the governing body in your organization?<br />
Are there any risk areas of over-coverage or under-coverage in terms of assurance?<br />
Does your organization produce an assurance map? If so, who produces the assurance<br />
map? What use is made of the assurance map?<br />
Does internal auditing use the work of other assurance providers? If so, what examples do<br />
you have? How do auditors determine the work of other assurance providers can be relied on?<br />
50<br />
What is Combined Assurance? Seven Steps to Start a Successful Program, AuditBoard, 2020.<br />
51<br />
What is Combined Assurance? Seven Steps to Start a Successful Program, AuditBoard, 2020.<br />
52<br />
Advancing Combined Assurance to Manage Risks, AuditBoard, 2021.<br />
80
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