Treasury Internal Audit Framework Revised ... - National Treasury
Treasury Internal Audit Framework Revised ... - National Treasury
Treasury Internal Audit Framework Revised ... - National Treasury
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Establishment of IAA<br />
3 Establishment of IAA<br />
3.1 Background<br />
Section 38 (1) (a) (ii) and 76 (4) (e) of the<br />
PFMA as well as Section 165 of the MFMA<br />
prescribe the establishment of the IAA.<br />
IAA is an important component of internal<br />
control, risk management and corporate<br />
governance and provides the necessary<br />
assurance and advisory services to the<br />
organisation.<br />
IAA is one of the most significant management<br />
tools and can provide value-added services<br />
to the organisation. When objectively and<br />
adequately resourced, an IAA should be in a<br />
position to provide management with much of<br />
the assurance it requires regarding the<br />
effectiveness of the system of internal control,<br />
risk management and governance processes.<br />
The IAA must be well planned, organised,<br />
staffed, trained, directed and monitored.<br />
<strong>Internal</strong> audit must be conducted in<br />
accordance with the standards set by the IIA 8 .<br />
These standards, together with the various<br />
Practice Advisories issued by the IIA provide<br />
8 PFMA <strong>Treasury</strong> Regulation3.2.6<br />
25 <strong>Internal</strong> <strong>Audit</strong> <strong>Framework</strong>