..so it is important to go back to basics on reasonable assurance.
ACCA UK’s Internal Audit network panel regularly consults its members on topics that are of particular interest at a given point in time. At the moment, it is recognised that the impact of Covid-19 is having a big effect on internal auditing. We cannot afford gold-plated auditing or controls anymore. Also, we can’t afford to go through the motions of doing assignments that made sense at one point in time when things have changed significantly as a result of Covid-19.
I wrote an article for ACCA that looks at how to manage internal audit assignments from a practical perspective in the current context. Specifically, it looks at the work programmes required in the current environment where lean and agile auditing is increasingly expected. It also considers some fundamental questions about what we mean by reasonable assurance.