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The third line of defense means internal audit is the last chance to get it right
First, a quick primer on the 3 Lines of Defense model/approach for risk management The Three Lines of Defense model has its roots in the financial industry, specifically the banking sector. In the late 1990s, the Basel Committee on Banking Supervision introduced the “Internal Control: Guidance for Directors on the Combined Code” document. This document…
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Three reasons no one reads your internal audit reports
It’s sad and frustrating when no one reads your team’s or your department’s audit reports. Sure, your auditee may look at the report, but when no one across your firm really cares about what internal audit has to say, it has a toxic and insidious impact on all internal auditors in the firm (both short…
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Category: Issue Validation
Closing the loop on audit and regulatory findings. Issue validation is how internal audit independently confirms that remediation is complete and operating effectively before an issue is closed, across both internally raised audit issues and external regulatory findings, from banking MRAs and MRIAs to SEC and SOX deficiencies, FDA 483 observations and CAPAs, OSHA and EPA citations, and Inspector-General and Single-Audit findings. These guides cover tracking, validating, and evidencing closure to a standard regulators and stakeholders trust.