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Today’s internal audit committee wrestles with the need to ensure complete oversight over the internal governance system. The Comprehensive Assessment Model (CAM) is an innovative methodology that provides for integrated assurance. The approach is both objective and structured, which provides the internal audit profession with the particular advantage of promoting full integration of entity objectives.
This report, Evaluating Internal Control Systems: A Comprehensive Assessment Model (CAM) for Enterprise Risk Management, focuses on key principles and parameters for assessing internal governance, which is valid for all business sectors. It provides information on:
- Fundamentals of risk management and internal control
- Scope and benefits of the CAM
- Assessing risk-based internal controls
- Control assessment methodology
The CAM provided in this report encompasses the concept of combined assurance by truly taking into account all enterprise risk management (ERM) objectives in an integrated manner. It uses an all-inclusive, comprehensive set of criteria and assessment methodology from process level to entity level.
Internal auditors are considered to be the primary users of CAM. It will be of interest to the audit committee and board in relation to their overall responsibility for oversight of internal governance. It also represents a strong support for managers who implement line and monitoring controls.
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Item Number: 10.5030