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CHAPTER 2: LITERATURE REVIEW - Coggle Diagram
CHAPTER 2:
LITERATURE
REVIEW
2.1 INTRODUCTION 1
2.2 THEORETICAL FRAMEWORK 2
2.2.2 Agency theory 6
2.2.3 Agency Problem 8
2.3 CONCEPTS OF COMBINED ASSURANCE 9
2.3.1 Combined assurance defined 9
2.3.2 Compliance and regulatory requirements 11
2.3.2.1 Compliance with laws and regulations 12
2.3.2.2 Compliance with JSE listing requirement and King IV recommended practice 13
2.3.2.3 Compliance with IIA Standard (2050-Coordination) 15
2.3.3 Risk management overview 16
2.3.4 Internal control overview 19
3.2.5 Governance overview 21
2.4 DETERMINANTS/CRITICAL FACTORS FOR IMPLEMENTING COMBINED ASSURANCE IN A BANK 23
2.4.1 Assurance strategy 24
2.4.2 Governing body support 25
2.4.3 Combined assurance champion 26
2.4.4 Role players in combined assurance (5 lines of defence) 27
2.4.4.1 First line of defence: operational management or process owner 29
2.4.4.2 Second line of defence: risk management and compliance 29
2.4.4.3 Third line of defence: Internal Audit 30
2.4.4.4 Forth line of defence: Independent external assurance providers 30
2.4.4.5 Fifth line of defence: Oversight role of combined assurance 32
2.4.4.5.1 The governing body 32
2.4.4.5.2 Audit committees 33
2.4.4.5.3 Risk Committees 33
2.4.5 Planning and coordination framework 34
2.4.6 Assurance mapping 36
2.4.7 Maturity level of combined assurance 37
2.4.8 Limiting factors/ lack of adoption of combined assurance 38
2.5 BENEFITS OF IMPLEMENTING COMBINED ASSURANCE IN A BANK 39