The document outlines key components of organizational assurance, including risk assessment, evidence collection, and adherence to professional standards. It emphasizes the importance of objective analysis to improve efficiency, mitigate risks, and ensure the accuracy of financial statements while meeting statutory requirements. Additionally, it contrasts internal and external audits regarding the assessment of financial statements and process effectiveness.

1. 1. Risk
Assessment
2. Evidence
Collection
3. Professional
Standards
4. Organizational
Assurance
5. Objective
Analysis
Evaluates organizational
processes to improve
efficiency and effectiveness.
Identifies and mitigates
potential risks across
various business areas. Periodic review of
financial statements
for external stakeholders.
Ensures financial statements
meet statutory and
stakeholder requirements.
Confirms adherence
to accounting standards
and legal regulations.
Ongoing review of
processes to address
risks and ensure compliance.
Assesses the effectiveness
of policies and procedures
to safeguard assets.
Recommends strategies to
enhance business processes
and reduce waste.
Ensures the accuracy and
reliability of financial
statements.
Provides an independent
assessment of the financial
statements' fairness.
VS
Internal Audit External Audit