Internal Audit and Combined Assurance
Plan and execute risk-based audits while mapping assurance coverage across risk, compliance, audit and specialist providers to reveal duplication and gaps.
What this solution addresses
Vilfora ERM supports the audit lifecycle from universe and planning through engagement execution, workpapers, findings, reporting and follow-up. Combined assurance connects the same risk and control universe to multiple assurance providers, making coverage, reliance, duplication and unresolved gaps visible.
Audit planning is disconnected from the current risk, control, incident and issue profile.
Workpapers, findings, management responses and follow-up are maintained in separate tools and folders.
Management cannot see where several providers test the same control while other material risks receive little assurance.
Included capabilities
Each capability uses the same ownership, workflow, approval, evidence and audit-history foundation as the wider ERM platform.
Audit universe and planning
Maintain auditable entities, risk assessments, plan priorities, resources, timing and approval.
Engagement execution
Manage scope, programmes, requests, workpapers, samples, observations, review notes and sign-off.
Findings and follow-up
Agree severity and actions, monitor management response and validate sustainable closure.
Assurance mapping
Map risks and controls to first-, second- and third-line assurance activities and providers.
Coverage analysis
Identify full, partial and missing coverage alongside duplication, reliance and open findings.
A governed end-to-end workflow
Assess the universe
Prioritise auditable areas using current risk and control information.
Approve the plan
Allocate engagements, resources, timing and committee approval.
Execute and review
Complete testing and workpapers with independent review and evidence.
Report and remediate
Issue findings, agree actions and monitor follow-up.
Coordinate assurance
Refresh coverage maps and address gaps or duplication across providers.
Who this solution supports
Outcomes the operating model is designed to support
Risk-based audit coverage
Controlled workpaper review
Traceable finding follow-up
Enterprise assurance coverage map
See audit and combined assurance in Vilfora ERM.
We will focus on the records, participants, approvals, evidence and reporting decisions relevant to your operating model.