Treasury Internal Audit Framework Revised ... - National Treasury

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Annexure 2 Annexure 2 INTERNAL AUDIT CHARTER Purpose and Scope of Work The purpose of the internal auditing activity is to provide an independent, objective assurance and consulting services designed to add value and improve the organisation’s operations. The scope of work of the IAA is to determine whether the organisation’s network of risk management, control, and governance processes, as designed and represented by management, is adequate and functioning in a manner to ensure amongst others that: • Risks are appropriately identified and managed; • Significant financial, managerial and operating information is accurate, reliable and timely; • Resources are acquired economically, used efficiently, and adequately protected; and • Programs, plans and objectives are achieved. Opportunities for improving management control, service delivery, and the organisation’s image may be 81 Internal Audit Framework
identified during audits and, communicated to the appropriate level of management. Accountability The CAE, in the discharge of his/her duties, shall be accountable to management and the AC to: • Provide annually an assessment on the adequacy and effectiveness of the organisation’s processes for controlling its activities and managing its risks in the areas set forth in this charter; • Report significant issues related to the processes for controlling the activities of the organisation and its entities, including potential improvements to those processes, and provide information concerning such issues for further action by management; • Provide information periodically on the status and results of the annual audit plan and the sufficiency of department resources; and • Coordinate with and provide oversight of other control and monitoring functions (risk management, compliance, security, legal, ethics, environmental, external audit). Independence To provide for the independence of the IAA, the CAE and personnel report functionally to the AC and administratively to the AO. The AC must concur on the appointment or removal of the CAE. National Treasury 82
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Internal Audit Framework
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The Internal Audit Framework is bei
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2.5 Composition and Membership.....
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5.1.4 Engagement Resource Allocatio
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• Be Public Service specific and
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government. It is important that bo
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Both the PFMA and MFMA make provisi
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1.3.2.5 Internal control processes
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1.4.3 Criteria of Control (CoCo) 6
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2 Audit Committee (AC) 2.1 Introduc
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a management responsibility, manage
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• Monitor management’s implemen
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strategic objectives and overall co
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• AC members should not serve mor
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National Treasury the CAE, EA and t
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o The effectiveness of the interna
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much of the guidance required by IA
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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
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: • Review any other reports that t
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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