3.6 Assuring Throughout Delivery-Proactive assurance on major capital projects and programs
Governments and public institutions have responded to the pandemic, the new normal, and the recovery with significant investment in capital projects and programs. There is a public and stakeholder expectation that these programs are completed on time, on budget, and deliver the promised results. In this environment, the role of internal audit is most effective when point in time assessments are replaced with proactive and ongoing capital program assurance mandates. Here internal audit practitioners partner with capital project experts to provide ongoing, independent monitoring and evaluation of program performance and early identification of key risks and mitigation strategies.
Proactive assurance goes beyond the traditional three lines of defense to provide real-time, independent and evidence based assessment of the soft and hard components of project and program health. Assuring throughout delivery provides timely and transparent information to support effective decision making and risk management. It allows project oversight and delivery teams to proactivity monitor and respond to the challenges regularly experienced in major infrastructure projects and programs. This presentation will demonstrate why proactive assurance is a key component of internal audit, program governance and risk management, and a necessary tool for those accountable for outcomes.