Treasury Internal Audit Framework Revised ... - National Treasury

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Establishment of IAA in any other activity that would normally be audited; • Not initiate or approve accounting transactions external to the IAA; and • Avoid conflict of interest. Objectivity Each internal auditor should have an objective attitude and should be in a sufficiently independent position to be able to exercise judgement, express opinions and present recommendations with impartiality. Specifically: • An Internal Auditor should be free from any conflict of interest arising from professional or personal relationships or other interests which he/she may be subjected to audit 12 ; and • An Internal Auditor should be free from undue influence which restricts or modifies the scope or conduct of the audit work, or significantly affects judgement regarding the content of any audit report. 12 Practice advisory 1130-1 29 Internal Audit Framework
3.2.3 The IA Charter 13 An IA charter serves as the IAA statement of purpose, authority and responsibility, and must be in writing (refer to Annexure 2). It must address the following: • The IAA’s purpose, authority and responsibilities; • The standards to be complied with; • The scope of work to be undertaken; • The position of the IAA within the organisation; • A description of assurance and nature of consulting services; • The period of review of the charter; • The appointment and the dismissal of the CAE; and • Access to information, properties and people. The IA Charter must be approved by the AC and accepted by the AO. 13 PFMA Treasury regulation 3.2.5 National Treasury 30
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 and 16: 1.3.2.5 Internal control processes
Page 17 and 18: 1.4.3 Criteria of Control (CoCo) 6
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: the co-operation of the audit clien
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
Page 67 and 68: The IAA should document the informa
Page 69 and 70: The design and content of the worki
Page 71 and 72: 5.2.5 Engagement Supervision 36 Sup
Page 73 and 74: and/or conclusions. Recommendations
Page 75 and 76: 5.3.5 Disseminating Results 42 Enga
Page 77 and 78: • Verification of the response; a
Page 79 and 80: • Emergency consulting engagement
Page 81 and 82: activities that significantly affec
Page 83 and 84: • Seek any information it require
Page 85 and 86: Internal Control • Consider the e
Page 87 and 88:
• Review any other reports that t
Page 89 and 90:
identified during audits and, commu
Page 91 and 92:
projects, ad hoc meetings and routi
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