For internal audit to achieve strategic and operational goals, the function can tap into the Three Lines of Defense (TLD) Model. This framework clarifies the involvement and alignment of multiple assurance providers acting on behalf of their client organizations.
In order for the organization to benefit from the best level of overall assurance, coordination between internal audit and other assurance providers is essential.
To really make this TLD approach work, collaboration and cooperation is critical, says MISTI’s Vice President of the Audit Division, Dr. Hernan Murdock.
“Another important element is to have a governance framework in place,” Dr. Murdock told Internal Audit Insights during a recent interview. “The discussion then circles around what needs to happen, so this serves as clear structural evidence that’s in place.”
In the full video interview below, Dr. Murdock discusses the many benefits and few challenges posed by the TLD model, and how the internal audit function can leverage it.
Interested in learning more about this and other tools and techniques? Join Dr. Murdock when he teaches Lean Six Sigma Skills for Auditors, Internal Audit School, and High-Impact Skills for Developing and Leading Your Audit Team.