Audit and Risk Assurance

A modern organisation needs to have multiple levels of assurance or “Lines of Defence” to ensure that it can meets its strategic objectives. These are sometimes referred to as:

1st Line of Defence – Management

2nd Line of Defence – Strategic Framework

3rd Line of Defence – Audit and Risk Services

4th Line of Defence – Board Audit and Risk Committee(s)

5th Line of Defence – Board

Internal Audit
Internal Audit plays a critical role in the 3rd “Line of Defence”, linking the business strategies set by the board, to the current risks facing the organisation through an effective internal assurance program.

Jason Masters Governance can assist your organisation with:

  • Chief Audit Executive and Senior Internal Auditor staff mentoring and coaching
  • Training programs to enhance the skills of the internal audit staff, examples;
    • IT Governance
    • Procurement and Probity
    • Report writing and Audit Finalisation
  • Strategic Internal Audit Plan development;
  • Co-sourced internal and IT audit activities;
  • Fraud and other work place investigations;
  • Quality Assurance Review as required by the Institute of Internal Auditors Professional Standards.

Risk Management
Risk Management should be a key focus from the Board right down to the lowest individual within the organisation. Risk Management is not about “stopping the organisation” but identifying risks and opportunities to assist in achieving the organisations strategic objectives.

Jason Masters Governance understand the international risk management standard ISO31000 and can assist your organisation with:

  • Organisation wide risk review and development of risk strategies;
  • Risk reviews and assessments of projects;
  • Selection and implementation of Risk Management systems.

External Audit
External Audit is a critical component of the organisations governance structures. With experience in both external audit and internal audit, Jason Masters Governance can assist with:

  • Relationship between the External Auditor and the Board and Management;
  • Tender for External Audit services;
  • Performance reviews of External Audit services;
  • Conflict management advisory in relation to External Auditors audit services and consulting services.
Some resources on tendering for external audit, reviewing the financial accounts with the external auditor and their performance can be found here.


Audit and Risk Committee
Audit and Risk Committees are critical to Boards in relation to the organisation’s assurance process. Jason Masters Governance can assist with:

  • Provision of Independent Chair or Member services for Audit and Risk Committees;
  • Development and Review of Audit and Risk Committee Charters;
  • Performance Reviews of Audit and Risk Committee;
  • Education of Audit and Risk Committee members.

To discuss your Audit and Risk Assurance needs, please contact Jason Masters.

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