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CoActive Audit is a "partnering" model for internal audit, included within the broadened conceptual framework of Internal Assurance. CoActive Audit focuses directly on enhancement of process, control framework and techniques, and compliance. It is an adjunct to traditional internal audit approaches that are only attest oriented – audit approaches that spend the majority of audit resources to independently find and formally document problems, and often only suggest changes to prevent reoccurrence of the specific problem discovered. CoActive Audit combines the best features of the public accounting Assurance Services model and contemporary organization leadership models and applies them to internal audit. CoActive Audit is both efficient and effective – as it optimizes all available resources to maximize synergy, and avoids traditional audit steps that are non-value added. The CoActive Audit Model is particularly useful in addressing areas where rapid change is the norm such as information technology, operational areas where generally accepted standards have not been defined, and any area where best practices are continuously evolving. CoActive Audit does not attempt to provide an opinion on financial statements or internal control systems – it focuses on the organization processes that produce accurate financial statements and effective internal control systems. It does not replace attest auditing – they work together to provide enhanced corporate governance.
The CoActive Audit Principles
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