Audit and assurance

In 2 minutes this aitem® will teach you about audit and assurance

Companies exist in an evolving environment of governance and assurance. An optimal framework of internal control helps protect company assets, assures operational and financial data integrity, and creates the conditions to pre-empt and be more responsive to changing business needs.

Operational and financial corporate impropriety has resulted in greater scrutiny of organisations and their leadership structure, and they’re now compelled to manage/mitigate inherent risk by balancing operational, financial and governance processes typically supported by an underlying IT infrastructure.

Maintaining and developing commercial health and stakeholder value must be at the top of any CEO’s agenda. Efficiently collating and evaluating evidence of an organisation’s information systems, practices, and operations is key to safeguarding assets, maintaining data integrity, and ensuring efficient operations support the corporate objectives.

Enablers to success:

  • Establishing a robust audit framework with the relevant internal controls to drive consistent and transparent operations and evidence material concerns.
  • Having in depth knowledge of your business’ internal and operational controls, and assurance the outputs these generate satisfy audit requirements. 
  • Automated IT/systems to deliver quantitative management information. 
  • Following a time/cost-efficient approach to assess risk and determine the best response.

Sharpen control:

  • Define your IT audit objective and set the scope.
  • Conduct due diligence and perform pre-audit planning.
  • Gain an understanding of your existing internal controls.
  • Evaluate and test your existing controls or establish the required framework.
  • Simplify your processes, integrating your internal controls to lower your business risk.
  • Understand any audit findings and remediate deficiencies.
  • Quality assure and audit any IT related delivery.

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