Get the free Assurance Map

Strategic Internal Audit Plan 2014/15 2016/17City of Monash July 2014Liability limited by a scheme approved under Professional Standards Legislation. Contents 1Executive summary12Strategic Internal

How to fill out assurance map

How to fill out an assurance map:

1. Identify the objectives: Start by clearly defining the objectives of your organization or project. This could include financial goals, operational targets, compliance with regulations, or any other aspect that requires assurance.
2. Identify risks: Conduct a thorough risk assessment to identify potential risks that could hinder the achievement of your objectives. This step involves identifying and analyzing risks across different areas such as financial, operational, reputational, or legal risks.
3. Assess controls: Once risks are identified, evaluate the existing control measures in place to mitigate those risks. This involves evaluating the effectiveness of controls in terms of preventing, detecting, or responding to risks. Document these controls and assess their adequacy.
4. Assign responsibilities: Determine who within the organization will be responsible for specific controls and ensure that they have the necessary authority and resources to execute their responsibilities effectively. Clearly document and communicate these responsibilities to minimize any gaps or overlaps.
5. Map assurance activities: Determine the appropriate assurance activities that need to be performed to provide confidence in the effectiveness of controls. This could include internal audits, external reviews, compliance assessments, or any other verification activities. Assign these activities to relevant stakeholders or departments.
6. Define assurance indicators: Identify the key indicators or metrics that will be used to measure the effectiveness of controls and provide assurance. These indicators should be aligned with the objectives and risks previously identified. Establish clear targets or thresholds for these indicators.
7. Monitor and report: Implement a regular monitoring and reporting mechanism to track the progress of assurance activities and provide updates to relevant stakeholders. This could involve periodic reporting, management reviews, or dashboards. Ensure that the findings and recommendations are communicated and addressed in a timely manner.

Who needs an assurance map:

1. Organizations: Any organization, regardless of its size or industry, can benefit from having an assurance map. It helps provide a structured approach to identify and manage risks, ensure the effectiveness of controls, and ultimately achieve the organization's objectives.
2. Project managers: Project managers can use assurance maps to assess risks and controls within their specific projects. This enables them to make informed decisions, allocate resources effectively, and ensure the successful delivery of project outcomes.
3. Auditors and assurance providers: Assurance maps serve as a valuable tool for auditors and assurance providers to plan and perform their assurance activities. It helps them understand the organization's objectives, risks, and controls, allowing them to focus their efforts on areas of highest risk or significance.
4. Regulators and stakeholders: Regulators and stakeholders, such as government bodies, shareholders, or customers, can benefit from reviewing an assurance map to gain confidence in the organization's ability to manage risks and protect stakeholders' interests. An assurance map provides transparency and demonstrates a robust risk management framework.

Overall, an assurance map is a valuable tool for organizations and individuals involved in managing risks, implementing controls, and providing assurance to stakeholders. It provides a systematic approach to identify, assess, and manage risks while ensuring the effectiveness of controls.

For pdfFiller’s FAQs

How do I make changes in assurance map?

pdfFiller not only lets you change the content of your files, but you can also change the number and order of pages. Upload your assurance map to the editor and make any changes in a few clicks. The editor lets you black out, type, and erase text in PDFs. You can also add images, sticky notes, and text boxes, as well as many other things.

Can I edit assurance map on an iOS device?

Use the pdfFiller mobile app to create, edit, and share assurance map from your iOS device. Install it from the Apple Store in seconds. You can benefit from a free trial and choose a subscription that suits your needs.

How do I complete assurance map on an Android device?

Use the pdfFiller Android app to finish your assurance map and other documents on your Android phone. The app has all the features you need to manage your documents, like editing content, eSigning, annotating, sharing files, and more. At any time, as long as there is an internet connection.

What is assurance map?

Assurance map is a document that outlines the key risks and controls within an organization and the assurance activities that will be conducted to mitigate those risks.

Who is required to file assurance map?

Senior management or the board of directors of an organization are typically required to file the assurance map.

How to fill out assurance map?

Assurance map is filled out by identifying key risks, controls, assurance activities, and responsible parties within the organization.

What is the purpose of assurance map?

The purpose of assurance map is to provide transparency and assurance that risks are being managed effectively within the organization.

What information must be reported on assurance map?

Information such as key risks, controls, assurance activities, and responsible parties must be reported on the assurance map.