Organisations need a streamlined and efficient back office operation; consistent and integrated procedures, controls and systems and confirmation that operating units are working as required.
Extended Assurance can add value in the following areas / instances:
- If the output from internal audit is weak and/or lack of coverage on remote locations
- When the quality of basis financial controls requires attention
- Where a client has disparate and inconsistent systems and procedures in operating units
- In companies with multiple locations – to avoid duplication of effort through separate audit / controls testing visits
- Lessening of excessive management time investment through liaising with multiple audit teams
How can we help?
- Provide opinion and insight
- Eliminate duplication through a single set of controls tests, with quality testing at each location
- Realise efficiencies and minimise disruption to your business by using a “one team” approach
- Integrated Assurance does not infringe Auditor Independence Rules. The Independence Rules focus on ensuring that external auditors do not rely on their own work in performing their external audit (self review) or act as part of management. The auditor would be doing neither of these.
They would:
- perform the tests that they considered necessary plus additional tests
- requested by management/the Audit Committee/the Head of Internal Audit
- report the results of all these tests to the Head of Internal Audit
- the recommendation would be actioned by management
- the responsibility for controls would remain with management
Benefits to the client:
- Cost efficiencies – huge potential savings
- Duplication of effort by internal and external avoided, with associated efficiency
- Simplified assurance flows, clear focused and insightful reporting to all tiers of management
- A breadth of coverage that internal audit alone cannot deliver
- Lack of disruption as work would be carried out by people who understand the business.