Treasury Internal Audit Framework Revised ... - National Treasury

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Establishment of IAA obtained. The strategic plan overview covers the following areas: • Mission; • Vision; • Values; and • Objectives. Using the above information, a strategic risk workshop and/or interviews should be conducted where risks that threaten the attainment of the organisation’s strategic objectives are identified and analysed. The controls put in place to manage the risks should be identified. 3.4.3 Detailed Analysis (Step 3) The understanding of the strategic objective and functioning of the organisation is extended through consideration of management's breakdown of the strategic objectives into operational objectives. A detailed risk analysis of the organisation is conducted to identify those risks that impact on the achievement of objectives. 33 Internal Audit Framework
The analysis: • Assesses the effect of each risk on the objectives; • Considers the relevant risk management activities applied to the risk; • Assesses the effectiveness of such activities; and • Identifies any action needed to improve the risk management activities. In considering the effectiveness of risk management activities’ actual or perceived control, measures are identified and their effectiveness assessed with regard to the identified risk. 3.4.4 Consolidated Risk Reporting (Step 4) The results provide detailed reports of the processes reviewed that allow for risk rating, evaluation of control effectiveness, detailed action plans and audit strategy determination. Summary reports that set out the risk and risk management response per business process model or control criteria can be extracted (for example – severity of risk of external factors, how well these risks are managed using what control criteria for instance, commitment or measurement). National Treasury 34
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 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: 3.4 Developing an Internal Audit St
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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Treasury Internal Audit Framework Revised ... - National Treasury

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