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INTERNAL AUDIT FUNCTION ASSURANCE & CONSULTING The South African Experience

INTERNAL AUDIT FUNCTION ASSURANCE & CONSULTING The South African Experience. OAG-INTERNAL AUDIT SUPPORT. Presenter: Pulane Mkhize | National Treasury | 09 April 2019. CONTENT OUTLINE. Mission of Internal Auditing Sources of Consulting Engagements Classification Criteria

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INTERNAL AUDIT FUNCTION ASSURANCE & CONSULTING The South African Experience

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  1. INTERNAL AUDIT FUNCTION ASSURANCE & CONSULTINGThe South African Experience OAG-INTERNAL AUDIT SUPPORT Presenter: Pulane Mkhize | National Treasury | 09 April 2019

  2. CONTENT OUTLINE • Mission of Internal Auditing • Sources of Consulting Engagements • Classification Criteria • Trends in South Africa • The Downside of IA Consulting • Tangible Benefits

  3. MISSION OF INTERNAL AUDITING To enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight.

  4. SOURCES OF INTERNAL AUDIT CONSULTING ENGAGEMENTS

  5. CLASSIFICATION CRITERIA • What qualifies as Consulting Engagements: • Management is failing to meet performance targets due to inadequately designed processes or structures, or inefficiencies in processes undertaken to carry out activities. Deficiencies are known to Management; • Schedules/templates used by Management to perform significant activities (e.g. calculations) for processes, projects or programmes are not properly designed, and as such produce inaccurate, unexpected results e.g. inaccurate payroll calculations; and • Policies, standard operating procedures, plans, contracts/service level agreements and other control process templates are not adequately designed, such that their implementation does not produce expected/desired results.

  6. CLASSIFICATION CRITERIA • What does not qualify as Consulting Engagements: • Pro-active assurance Pro-active assurance engagements are real-time, Stop or Go engagements which produce an audit opinion. They are assurance engagements. • Effectiveness assessments Assessing the operating effectiveness of processes, activities, projects and programmes constitutes an assurance engagements – it is audit in its purest sense of the word. • Secondment of IA staff Internal audit staff may not be seconded to other Functions of the organisation. If they are seconded, this does not qualify to be classified as Consulting. • Limited/Specific Assurance Limited or specific scope engagements still remain assurance engagements, so long as they result in provision of audit opinion.

  7. TRENDS IN SOUTH AFRICA Coverage (Multi-year) Planning

  8. TRENDS IN SOUTH AFRICA Planning Specific Engagements

  9. THE DOWNSIDE OF IA CONSULTING

  10. TANGIBLE BENEFITS

  11. CONCLUSION

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