Treasury Internal Audit Framework Revised ... - National Treasury

Establishment of IAA
The data can be used to plan, direct a risk
management approach and provide the basis
for risk management activities.
3.4.5 Risk Management Activities (Step 5)
Management is responsible for ensuring the
establishment of effective risk management in
the organisation. The approach followed
provides a mechanism of formalising the
responsibility and establishing accountability
for management activities. This is often
achieved through the establishment of a “Risk
Committee” function. Its efforts should identify
further actions that may be needed to reduce
risk to an acceptable level.
3.5 Operational Plan
The operational IA plan must be developed
taking into account the results of the risk
assessments and the associated strategic
audit plan so as to:
• Determine focus areas for IA activities;
• Determine IA scope in relation to the
scheduled assignments;
• Allocate resources to planned audit
assignments;
35 Internal Audit Framework