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In 1999, the definition of internal audit was revised to
reflect that internal audit should be positioned as a proactive-oriented-value-added
service to help management achieve organizational objectives.
The new definition stated that internal audit could do this
by providing "assurance" and "consulting"
services regarding the effectiveness of governance, risk management
and control in the organization.
Assurance services are meant to be able to provide
management with a conclusion. The conclusion is whether there
is a certain level of assurance that systems and practices
for governance, risk management or control are designed and
operating in a manner that there are no significant deficiencies
in accordance with established criteria (based upon a set
of audit tests that would be replicable by any other auditor).
Assurance services are grounded in the experience
and testing concepts used in financial statement audits that
have been in use for over 50 years. An auditor's opinion on
financial statements is one type of assurance service. It
is an assurance on a "written assertion." Assurance
services can also be provided to give assurance on a subject
matter (e.g. assurance that the Occupational Health and Safety
(OSH) program is designed and operating in accordance with
generally accepted criteria for such a program.)
WC has extensive assurance services experience.
It is based on the fact that the leader of this practice area
is a Chartered Accountant with extensive financial audit experience.
The main components of WC assurance services
are:
- Assurance Opinions on Written Assertions (financial and
non-financial);
- Assurance Opinions on Subject Matter Programs;
- Assistance in Establishing an Assurance Services Program
in Internal Audit Groups;
- Training on Assurance Services (see WC
Workshop Training Series: Risk, Audit and Assurance);
- Presentations on Assurance Services; and
- Assurance Services Research.
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