Published: 25 April 2023
The large number of assurance functions complicates the organizational risk picture and division of risk management responsibilities. This research highlights tactics CAEs can use to coordinate with other assurance functions to efficiently and effectively cover risks.
Audit’s coordination with other assurance functions is imperative for efficient coverage in today’s complex risk environment.
Audit can leverage aligned assurance activities throughout all phases of the audit process, from risk assessment through joint reporting to the audit committee and board.
By coordinating assurance in six key ways, audit can solve challenges such as different understandings of risks and controls, duplicative activities, gaps in coverage and assurance fatigue.
To ensure efficient and effective risk coverage by coordinating activities with other assurance functions, chief audit executives (CAEs) should:
Improve cross-functional visibility into risk and assurance activities by building an assurance map.
Streamline
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Analysts:
Audit Research Team
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