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OAG-INTERNAL AUDIT SUPPORT

GOOD PRACTICES AND FREQUENT MISTAKES IN THE IA ENGENGEMENT REPORTING PHASE The South African Experience. OAG-INTERNAL AUDIT SUPPORT. Presenter: Fortunate Myeza | National Treasury. CONTENT OUTLINE. Purpose Content Distribution list Common findings. Purpose.

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OAG-INTERNAL AUDIT SUPPORT

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  1. GOOD PRACTICES AND FREQUENT MISTAKES IN THE IA ENGENGEMENT REPORTING PHASE The South African Experience OAG-INTERNAL AUDIT SUPPORT Presenter: Fortunate Myeza| National Treasury

  2. CONTENT OUTLINE • Purpose • Content • Distribution list • Common findings

  3. Purpose • The IIA Standard 2400 states that “ Internal auditors must communicate the results of engagements”. • Communication must be done through out the audit engagement • The information must be accurate and factual • Communication is done in writing including informal queries

  4. The content of the report include the following: Executive summary Scope Findings Content objectives Opinion

  5. The detailed Internal audit finding elements F I n d I ng Criteria Root cause Effect / Risk Recommendation Agreed action plan

  6. Disseminating the result • Line manager • Detailed report • Implement the action plan • Executives committee • Detailed report • Take action • Audit committee • Executive summary • High risk • Advise and monitor the implementation • Risk Management • Risks • Update the risk register and manage the risk ACTION

  7. Common Mistakes • Turn around time is too long • Recommendations are not implementable • Overall opinion is not aligned to the engagement objective • Risk register not updated with new risks • Engagement focuses on compliance • Recommendations are not client focus

  8. CONCLUSION

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