Answered Essay: Explain their role in Board of Directors and critically evaluate based on the combined assurance framework and principles

Explain their role in Board of Directors and critically evaluate based on the combined assurance framework and principles

Expert Answer

Answer – In todays time, the working of an organizations has become increasing complex. There are number of players who are giving assurance which is bound to make the management overwhelmed by the information at rheir hand. The Board of Directors have to see that based on combined assurance framework and principles they take decisions in the best interest of the organization.

Combined assurance can integrate and align all the processes of the organization so that the Board of Directors or the Senior Management Teams get a comprehensive and holistic view of the organization. This way they will be able to assess the risk factors and take the decisions which would be in the best interest of the company.

There are different ways of combining assurance. It mainly depends on the specific requirements of the organizations and the activities which are set as priority for the organization. This may differ from organization to organization as the integration of activities and coordinations in each organization would vary. These can be conducted through Integrated Audits, Integrated planning and reporting, alignment of activities and functional integration.

For the implementation of combined assurance, the Three Lines Of Defense Model is generally considered a good practice and has wide acceptabilty. Here the Management which includes the Board of Directors act as a first line of defense as they own the controls, processes and risks. Various support functions like risk management, inter control and complaince are the second line of defense. Internal Audit represents the idependent third line of defense. Internal audit plays a key role in implementation and coordination of activities.

The Board of Directors are responsible for ensuring that there is proper decison making and risks are calculated. If in case there is change or deviation, it can be handled without much problem. Basically, the planning should be such the problems or risks are identified timely and remedy is provided immediately.

Combined assurance is an means of providing assurance which is effective and efficient.

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