The Integrated Audit Risk Centric Audit Approach® (IARCA®) is Audit Research Center’s high-end, maturity-based consulting module. It supports clients’ audit operations in achieving Champions League status. The module ranks among the top-performer audit procedures in worldwide benchmarking. Besides the implementation of a risk-centric audit approach, the IARCA® strategy model enables a thorough utilization of risk metrics on the basis of advanced developments in Capability Maturity Model Integration (CMMI), standards established by the Institute for Internal Auditors (IIA) as well as the best-practice audit procedures of COSO II – Enterprise Risk Management Frameworks (ERMF) and Control Objectives for Information and Related Technology (COBIT). An extension module for providers of financial services encompasses the most recent requirements in accordance with Basel III, the European Union’s Capital Requirements Directive (CRD), Basel II’s Internal Capital Adequacy Assessment Process (ICAAP) and the respective national supervisory stipulations of the three German-speaking “DACH” countries – Austria, Germany and Switzerland.
The IARCA® procedure enables not only a strategic positioning in harmony with the respective company-tailored business model of clients. Rather, it also facilitates a consistent risk metric along the entire audit-process chain in unison with the concept of a risk-audit channel. Various consulting projects within the IARCA® framework already have been conducted with audit operations in assorted branches of business in Austria, Germany and Switzerland. This practical experience in conceptualization and implementation enables ARC to provide focused strategy consulting along an advanced learning curve.