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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

Difference between an Audit and a Review of Financial Statements The companies act of South Africa, which publicly listed and private companies, close corporations and currently Non-Profit Corporations are registered under requires these organizations to prepare annual financial statements. Depending on the entity’s public interest score and the entity’s activity, The Act requires that the

The current International Professional Practices Framework (IPPF) IPPF Standards The current International Professional Practices Framework (IPPF) IPPF Standards have been effective from 01 January 2017, the draft standards are under review and open for public opinion and are expected to be released and the end of 2023.  The purpose of the IPPF Standards is to

As part of its roles and responsibilities, the audit committee needs to manage financial and other risks that affect the integrity of external reports issued by the company.  To achieve this, the audit committee, on behalf of the board, needs to evaluate the design and implementation of internal financial controls and the effectiveness of the