Module 3.D

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3D.3.1 Combined Assurance An extension of assurance mapping is sometimes referred to as combined assurance. Beyond the tracking of assurance coverage across all major risk categories, combined assurance is a more coordinated approach to provide greater insights on governance, risk management, and internal control. According to guidance produced by AuditBoard: True combined assurance represents the ultimate level of coordination, including such elements as combined scheduling, consolidated planning and reporting, shared terminology, and use of common and shared technology. 50 The seven steps described in the article are: 1. Establish a baseline. 2. Outline and define your objectives and expected benefits. 3. Obtain involvement of other assurance providers. 4. Communicate with, educate, and obtain sponsorship of key stakeholders. 5. Take an iterative step-by-step approach. 6. Create a change management plan. 7. Measure and report on success against expected benefits. 51 More advanced guidance is given by AuditBoard in the guide Advancing Combined Assurance to Manage Risks. 52 In the King IV Code of Corporate Governance, combined assurance has a specific meaning linked to King’s model of five lines of assurance, an extension of the Three Lines Model to include external audit and the board. 3D.3: Reflection Who provides assurance to management and the governing body in your organization? Are there any risk areas of over-coverage or under-coverage in terms of assurance? Does your organization produce an assurance map? If so, who produces the assurance map? What use is made of the assurance map? Does internal auditing use the work of other assurance providers? If so, what examples do you have? How do auditors determine the work of other assurance providers can be relied on? 50 What is Combined Assurance? Seven Steps to Start a Successful Program, AuditBoard, 2020. 51 What is Combined Assurance? Seven Steps to Start a Successful Program, AuditBoard, 2020. 52 Advancing Combined Assurance to Manage Risks, AuditBoard, 2021. 80
References and Additional Reading 10 Tips for Evaluating Internal Control Deficiencies” AuditBoard, 2021. https://www.auditboard.com/blog/tips-evaluating-internal-control-deficiencies/ Acquis, Eur-Lex. https://eur-lex.europa.eu/EN/legalcontent/glossary/acquis.html#:~:text=The%20European%20Union%20(EU)%20acquis,syste ms%20of%20EU%20Member%20States. Advancing Combined Assurance to Manage Risks, AuditBoard, 2021. https://www.auditboard.com/resources/ebook/advancing-combined-assurance-to-managekey-risks/ Budgeting the Internal Audit Function: How Much is Enough? Tone at the Top, The IIA, December 2018 https://www.theiia.org/globalassets/site/content/tools/advocacy/2018/budgeting-the-internalaudit-function-how-much-is-enough/tone-at-the-top-issue-90-december-2018_updated.pdf Chapters of the Acquis, European Commission. https://neighbourhoodenlargement.ec.europa.eu/enlargement-policy/conditions-membership/chapters-acquis_en CIPFA Financial Management Code https://www.cipfa.org/policy-andguidance/publications/f/financial-management-code Coordination and Reliance: Developing an Assurance Map, The IIA, 2018 https://www.theiia.org/globalassets/documents/content/articles/guidance/practiceguides/coordination-and-reliance-developing-an-assurance-map/pg-coordination-andreliance-developing-an-assurance-map1.pdf De Koning, Robert, PIFC Public Internal Financial Control, 2007. Delivering Excellent Public Finance: CIPFA’s Whole System Approach to Public Financial Management. https://www.cipfa.org/policy-and-guidance/reports/whole-system-approachvolume-1 Finance Department Organization Structure, opsdog. https://opsdog.com/categories/organizationcharts/finance#:~:text=A%20Finance%20Department%20manages%20a,the%20finances% 20of%20the%20company. Framework for assessing public financial management, PEFA, 2019. https://www.pefa.org/sites/pefa/files/resources/downloads/PEFA%202016_latest%20version _with%20links%20%282%29.pdf IIA Practice Guide: Measuring Internal Audit Effectiveness and Efficiency, The IIA, 2010 https://www.theiia.org/globalassets/documents/content/articles/guidance/practice- 81
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