ABSTRACT
The organisation has experienced rapid growth since it was established just less than 10 years ago. It is a public listed company conforming to the UK Corporate Governance Code which requires the Audit Committee to review each year the need for an internal audit function. Recognising the limited skills typically available in a small organisation, the Audit Committee Chair thought that the integrated assurance implementation process would also help to identify solutions for addressing any skills gaps. The Head of Risk and Compliance is leading the implementation of integrated assurance with the vision being championed by the Audit Committee Chair and supported by the Chief Executive. The primary attraction for using integrated assurance lies in the methodical identification of principal risks and core business processes, which provides a sound foundation for assurance mapping. The refreshed risks, which now include strategic as well as financial, operational and regulatory risks, are agreed with the Audit Committee for the risk assurance mapping exercise.
