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INTERNALAUDITUnlocking value from internal audit
INTERNAL AUDIT
The role of internal auditing within organisations is to assess and determine the extent to which the design of governance, risk management and internal controls structures and processes is logical, efficient and cost-effective. This means determining whether Governance Risk Compliance structures and processes are adequate, and whether the GRC structures and processes assessed as adequate are utilised effectively by the organisation to:• Formulate and achieve sound strategic objectives; • Generate, process and report reliable and credible financial and operational information; • Effectively, efficiently and economically achieve performance targets for operations and programmes; • Safeguard organisational assets; and • Comply with laws, regulations, policies, procedures and contracts.
According to the Institute of Internal Auditors (IIA), an internal audit function can only achieve these outcomes if it carries out its work in conformance with the International Professional Practices Framework (IPPF). Achievement of all the mandatory components of the IPPF will enable an internal audit function to realise the Mission of Internal Audit – which is to enhance and protect organisational value by providing risk-based and objective assurance, advice, and insight.
CONFORMANCE WITH IPPFInternal Audit Functions (IAF) is required to conform with the mandatory components of the International Professional Practices Framework (IPPF) of the Institute of Internal Auditors. Failure to conform may result in the IAF obtaining a “Does Not Comply” rating, which would mean that the IAF may not state anywhere in its documents that its work meets the mandatory requirements of the IPPF.
ADDING VALUE AND STAYING RELEVANT For the IAF to be regarded as relevant and not as just another avoidable cost, it must enhance and protect organisational value in a visible and measurable way. Business must be able to demonstrate how the IAF adds value and show that value added by the IAF exceeds the cost incurred by the organisation. PROFESSIONAL INTERNAL AUDIT SKILLS In order to add measurable and undisputed value, members of the IAF should be proficient in the professional practice of internal auditing and possess the relevant industry knowledge. The IAF should also have access to specialized internal audit skills without having to incur excessive costs that may result from securing such skills elsewhere.
“ We support Internal Audit Functions and unlock their ability optimise organisational
value and as such ensure that they stay relevant to the needs of key stakeholders”UNDERSTANDING YOUR CIRCUMSTANCE
INTERNAL AUDIT
MATURITY ASSESSMENTSWe conduct maturity assessments on the internal audit function to assess the extent to which its structures and processes are aligned to the IPPF and practices applied by leading internal audit functions both locally and globally. Further, we assess the impact of the internal audit function’s work on the organisation’s strategy, operations and bottom-line. The outcome of our assessment results in the awarding of the maturity level rating. Our maturity assessments are quite rigorous and go beyond the “Generally Complies” rating that is awarded in the ISPPIA 1312 External Assessments.
SkX’s Internal Audit Value Optimisation (IAVO) services help unlock the value of your internal audit function; increases the influence your function has on your organisation’s strategies, stakeholders, operations and performance; enhances your function’s reputation as a Trusted Advisor; and earns you a seat at the strategy table. We achieve this through the following key service areas:
DETAILED OFFERINGS
INTERNAL AUDIT
We understand that extensive advisory engage-ments by your internal audit function may lead to impaired objectivity for the Chief Audit Executive and the internal audit team. To help CAEs address this dilemma, we perform all the internal audit advi-sory work on behalf of the internal audit function. This eliminates the threat of self-review.
Part of the advisory support work we perform on behalf of internal audit functions includes assisting internal audit functions with risk assessments and continuous risk monitoring – for organisations in which risk management structures and processes are not adequate.
Furthermore, we provide support with the perfor-mance of advisory engagements covering all the functions/departments within an organisation. The advisory support we offer to internal audit functions addresses the strategic, operational, compliance and reporting domains of the organisation.
• Quality Assurance Reviews (ISPPIA 1311 and 1312) • We assist your organisation design and implement a robust Quality Assurance and Improvement Programme (QAIP) in line with the requirements of Standard 1300 of the Institute of Internal Auditors (IIA). Our specific service offering includes:• Design of the quality assurance framework and implementation instruments; • Performance of ongoing and periodic quality assurance reviews; • Performance of external quality assurance readiness reviews; and Activities stated above are performed to help your internal audit function to conform with Standards 1311, 1312 and 1320 of the IIA. Achieving conformance with these Standards also ensures that you comply with Rule of Conduct 4.3 as outlined in the IIA Code of Ethics. • Governance, Risk and Control (GRC) Capacity-Building
SkX has a variety of programmes designed to enhance the skills of internal audit professionals and to take those who are already proficient to the next level of excellence. Our capacity-building and development programmes include:
• Organisational GRC Support Programme This programme entails SkX providing training on governance, risk management and internal control processes to employees from across the different functions within an organisation. The objective of this programme is to enhance management’s knowledge of structures and processes of governance, risk and control in order to facilitate effective implementation of combined assurance within an organisation.
• Internal Audit Technical Support ProgrammeThis involves the training of internal audit professionals to enhance their understanding of the International Professional Practices Framework (IPPF) and its practical application within an organisational set-up. The first phase of this programme covers training on the core components of the IPPF and other internal audit concepts and principles. The second phase is about practical internal audit simulations and the third phase involves on-the-job mentoring and coaching.
TRUSTED ADVISOR SUPPORT
SkX is one of South Africa’s leading empowered and transformed Audit, Risk and Advisory Firm. It is 100% black owned and managed with significant black women ownership. Our commitment to transformation saw SkX transform itself through the recruitment of highly skilled black women to form part of the leadership team. This transformed our firm’s initial ownership to majority black women owned.
Our Business Solutions Practice specializes in providing solutions aimed at improving operational efficiency and enhancing revenue.
Our boutique of services equips us to be the ideal partner with the appropriate resources, knowledge and agility to effectively manage the future challenges and opportunities for all clients.
SkX has invested significantly in its people through the launching of our Internal Learning Academy as a learning platform for all our internal training interventions and a bursary programme in support of professionalisation.
SkX boasts a professional staff complement that services both the private and public sector with professional qualifications across the broad spectrum of our services.
SKX has been one of the very few successful Transformation stories in South Africa and a beacon of hope for Black Economic Empowerment. We represent a truly African firm reflecting the South African demographics in an industry that is dominated by international corporations.
WHY SKX
INTERNAL AUDIT
SOME OF OUR CLIENTS
TRANSPORT, LOGISTICS AND AVIATIONTransnet, Passenger Rail Agency of South Africa (PRASA); and South African Airways (SAA)
FINANCIAL SERVICESHollard, Liberty, Discovery, Alexander Forbes, Doves, Mvunonala, and WDB Investments; and Pembani Group
TELECOMMUNICATIONS AND ICTTelkom and BCX
MINING, RESOURCES & ENERGYExxaro, Foskor and Harmony
MUNICIPALITIES Ethekwini Municipality, Umhlathuze Municipality and Tshwane Municipality
CONTACTS
Accounting firm of the year 2017
www.SkX.co.za
Head Office - GautengBuilding 1, 15 Forest RoadWaverley Office Park, BramleyTel: +27 (011) 797 6800
OUR PROFESSIONAL AFFILIATIONS
Kwazulu NatalSuite 1A, 100 Armstrong AvenueLa Lucia Ridge, Durban, 4051Tel: +27 (031) 562 1700
Product Lead
Zoliswa Ntombela
Email: [email protected] Tel: +27 11 797 6800Email: [email protected]
Tlamelo Ramantsi
Email: [email protected] Tel: +27 11 797 6800Email: [email protected]
INTERNAL AUDIT
Unlocking value from internal auditI n t e r n a l A u d i t
