White Paper - Delivering Holistic Assurance Through Internal Audit Opinions

Whitepaper

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Author

Farah George Araj

PFIIA, CIA, CRMA, QIAL, CPA, CFE

Ehab Saif

CIA, CMA, CFE, MScIB

Date

2025

Topics Explored

Internal Audit, Internal Audit Management

Format

White Paper

Extract/Description

Internal audit’s value and credibility are significantly enhanced when its work is transformed into clear, structured assurance statements in the form of professional opinions. While engagement-level opinions are commonly used across industries, Organisational Level Opinions are not widely embraced in Australia.
However, adopting this practice can provide boards, audit committees and senior management with a more holistic and strategic view of assurance which is an essential element in today’s complex risk and governance environment.

Key Points

1. The current gap in holistic assurance.

2. The requirements of the Global Internal Audit Standards.

3. Delivering holistic assurance.

4. An organisation level holistic opinion.

5. Selecting the right rating scale.

6. The impact of fragmented assurance.

7. Illustrative examples and templates.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes