Treasury Internal Audit Framework Revised ... - National Treasury

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Introduction 1.4 Other International Guidance 1.4.1 ISPPIA and Code of Ethics The IIA has developed ISPPIA which are prescribed for application to all its members and member organisations. These standards consist of three categories: the Attribute, Performance and Implementation Standards. The Standards should be applied in conjunction with the Code of Ethics 4 . 1.4.2 The Committee of Sponsoring Organisations (COSO) 5 / Treadway Commission COSO issued the Internal Control – Integrated Framework to help businesses and other organisations assess and enhance their internal control systems. This framework has since been incorporated into policies, rules and regulation, and used by thousands of enterprises to better control their activities in moving towards achievement of their established objectives. 4 IIA website – www.theiia.org 5 The Committee of Sponsoring Entity’s of the Commission on Fraudulent Financial Reporting (Treadway Commission) 9 Internal Audit Framework
1.4.3 Criteria of Control (CoCo) 6 The CoCo was the initiative of the Canadian Institute of Charted Accountants to strengthen control and governance. According to CoCo the essence of control in any organisation is a combination of the organisation’s purpose, commitment, capability, monitoring and learning. In CoCo, controls are all the elements of an organisation that, taken together, support people in the achievement of the organisation’s objectives. The elements include resources, systems, processes, culture, structure and tasks. Review of control means review of all these elements and how they are inter-related and aligned with objectives. 1.4.4 The Cadbury Committee 7 The Cadbury Committee was set up in May 1991 by the Financial Reporting Council, the London Stock Exchange and the accountancy profession in the United Kingdom to address the financial aspects of corporate governance. 6 The Criteria of Control executive authority (CoCo) through the Canadian Institute of Chartered Accountants 7 The Cadbury Report on Corporate Governance – December 1992 National Treasury 10
Page 1 and 2: Internal Audit Framework
Page 3 and 4: The Internal Audit Framework is bei
Page 5 and 6: 2.5 Composition and Membership.....
Page 7 and 8: 5.1.4 Engagement Resource Allocatio
Page 9 and 10: • Be Public Service specific and
Page 11 and 12: government. It is important that bo
Page 13 and 14: Both the PFMA and MFMA make provisi
Page 15: 1.3.2.5 Internal control processes
Page 19 and 20: 2 Audit Committee (AC) 2.1 Introduc
Page 21 and 22: a management responsibility, manage
Page 23 and 24: • Monitor management’s implemen
Page 25 and 26: strategic objectives and overall co
Page 27 and 28: • AC members should not serve mor
Page 29 and 30: National Treasury the CAE, EA and t
Page 31 and 32: o The effectiveness of the interna
Page 33 and 34: much of the guidance required by IA
Page 35 and 36: the co-operation of the audit clien
Page 37 and 38: 3.2.3 The IA Charter 13 An IA chart
Page 39 and 40: 3.4 Developing an Internal Audit St
Page 41 and 42: The analysis: • Assesses the effe
Page 43 and 44: • Establish the timing of perform
Page 45 and 46: 3.5.1.2 Cyclical audits IAA may dec
Page 47 and 48: descriptions, clear goal setting, p
Page 49 and 50: operation to ensure that they are c
Page 51 and 52: There should be access to each othe
Page 53 and 54: IAA must be satisfied that the orga
Page 55 and 56: Preventive Controls A preventive co
Page 57 and 58: • Compliance with other generally
Page 59 and 60: acceptable operational practices an
Page 61 and 62: 5 Audit Process The audit process i
Page 63 and 64: 5.1.3 Engagement Scope 29 The scope
Page 65 and 66: The audit program must be compiled
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The IAA should document the informa
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The design and content of the worki
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5.2.5 Engagement Supervision 36 Sup
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and/or conclusions. Recommendations
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5.3.5 Disseminating Results 42 Enga
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• Verification of the response; a
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• Emergency consulting engagement
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activities that significantly affec
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• Seek any information it require
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Internal Control • Consider the e
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• Review any other reports that t
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identified during audits and, commu
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projects, ad hoc meetings and routi
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Treasury Internal Audit Framework Revised ... - National Treasury

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