We can also refer to triple piece audit as a triple defense line. This concept considers and anticipates risk from three perspectives. These three risks can be defined as ownership of risk, monitoring of risk, and assurance of risk. The first component of the triple piece audit is the functions that take ownership and manage the risk. The second component involves functions that control and monitor risks, including compliance functions. Lastly, the role of the third component is to provide assurance to the audit committee and stakeholders that the risk is at an acceptable level.

The primary objective of the triple piece audit is to synchronize all time frames and activities that provide assurance for risk management towards reaching goals and objectives. Through this audit, various institutional assurances have been coordinated, responsibilities have been defined, and the aim is for them to function in harmony.

The triple piece audit holds significant importance as it assists in managing any risks that could hinder businesses, organizations, or institutions from achieving their goals. Additionally, it provides control in the process.