People who work in audit and assurance roles, such as internal audit, external audit, and quality, play an essential role in GRC. They provide assurance to management, the board, and other stakeholders that the organization is achieving objectives, addressing uncertainty, and acting with integrity.
By using a sophisticated approach to audit and assurance, the organization can enhance the confidence of stakeholders, the board, and management about any activity or function's design and operating effectiveness.
But audit and assurance are needed at every level in the organization. Every department and team needs to (at least occasionally) enhance their belief and confidence in their actions; to know that what they are doing is effective.
So doing your job in audit and assurance includes helping your peers understand what you do, how you do it, and how to apply it in their departments.Get the Ultimate Guide to Audit & Assurance
Modern audit and assurance provide value to information producers and consumers to enhance confidence about design and operating effectiveness.
Goals of Audit & Assurance
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
The goals of audit and assurance include:
- Ensure that statements are accurate and fair
- Ensure that internal controls are effective
- Identify areas where material misunderstandings might occur
The role of Audit & Assurance in GRC is more than just two words.
Roles in Audit & Assurance
The people who lead audit and assurance must be experts who help the organization objectively and competently identify material misunderstandings.
People in audit and assurance often have titles such as:
- Internal auditor
- External auditor
- Quality auditor
- Assurance expert
- And More!
Other GRC disciplines play a role in Audit & Assurance
Audit & Assurance Everywhere
It is essential for people who are NOT in audit and assurance roles to understand the needs of their colleagues who ARE in audit and assurance roles.
At the same time, it is important for people in other roles to understand how to apply audit and assurance concepts to their work.
This means that everyone should understand and apply the following:
- Audit concepts and frameworks
- Assurance concepts and frameworks
- Internal control concepts and frameworks
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