audit

Beyond the binary: structuring your internal audit function Internal Audit, together with other assurance providers, forms the third line of defence and has, strategically, proved its value over and over again. The existence of the function, to assess the adequacy and effectiveness of internal controls whilst also reviewing performance against strategic objectives, assures the Board

Internal Audit: The Safeguarder of Assets and Public Trust In governance circles, the phrase safeguarding of assets has long been associated with internal audit. Yet, in South Africa, this concept has matured beyond the protection of financial or physical resources. Today, it embodies the assurance that public funds are deployed effectively, ethically, and transparently. The

Internal Audit: Introduction The beginning of May, recognized as Internal Audit Awareness Month, offers an opportunity to reflect on the strategic value of internal audit for all stakeholders. Far beyond its traditional compliance role, internal audit today is positioned as a partner in governance, risk management, and transformation. This article seeks to provide practical demonstrations

From Compliance to Confidence: Navigating the Shift from the 2017 Internal Audit Standards to the 2024 Global Internal Audit Standards The release of the Global Internal Audit Standards by the Institute of Internal Auditors (IIA) in January 2024 marks a pivotal evolution in the internal audit profession. Replacing the 2017 International Standards for the Professional

Audit and Risk Committee decision to outsourced, co-source or insource the Internal Audit function King IV puts the responsibility on the governing body to ensure that the internal audit function is capacitated and skilled enough to perform its duties. Every now and then the Audit and Risk Committee (sub-committee of the Board of Directors responsible

Internal Audit and the fight against fraud There is no denying the impact that fraud has in achieving the objectives of an organization, this is the case for both the private and public sector.  Internal audit is a key assurance provider in the fight against fraud, even though it is not the function’s responsibility to

The reviews conducted by internal auditors on processes or activities are retrospective in nature, in that a review is conducted on activities that have already occurred, with a view that recommendations or solutions will assist the organisation going forward. This indicates the retrospective view with prospective solutions.  The other perspective that assists in being proactive

Exclusion of Annual Financial Audit for South African Owner-Managed Businesses Most South African owner-managed businesses may now exhale a sigh of relief, as they are now formally excluded from the requirement to undergo an annual financial audit. Companies Act Requirements and Compliance Companies, whether private or public are registered in terms of the Companies Act