Assurance and advisory services
Giving an independent opinion, versus helping management improve.
Assurance services give an objective assessment of governance, risk management and control, such as a compliance audit. Advisory services (formerly consulting) are advice requested by management, such as facilitating a risk workshop. Advisory work must not take on management’s responsibilities.
On the exam
If internal audit designs or owns a control, it can’t later give objective assurance over it.
Related terms
- Independence and objectivityIndependence is about the function’s position; objectivity is about the auditor’s mindset.
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