Internal audit provides management with outcomes that assist with critical decision-making as it provides both current and relevant results. It is a tool that adds value, not only because King III requires it, but because the application provides meaningful results. Our auditors will evaluate the scope and period of internal audit focus to determine risk areas and possible reliance on work performed. Our methodology for internal auditing is risk-based, complies with International Standards on Auditing and is updated as new standards are issued.
Internal audit plays a critical role in helping companies successfully “manage change”. Our internal audit team assists in ensuring that, with every new process, procedure and initiative, any significant new risks to our client that emerge are identified, monitored and managed effectively, to ensure it is protected on an ongoing basis and to a level that satisfies management and board.
Special audit projects/ agreed upon procedures
A special audit project constitutes an engagement by our audit team to perform specific agreed-upon procedures regarding an independent report of factual findings on costs claimed under a particular project or to assist specified parties in evaluating subject matter or an assertion as a result of a need or needs of the specified parties. As this engagement is not an assurance engagement our audit team does not provide an audit opinion and expresses no assurance. The client derives its assurance by drawing its own conclusions from the factual findings reported.
Monthly management reporting
Our team understands that good management reporting has to be relevant to the business. We summarise business-specific measures on a cover page and attach substantiators to these numbers, including an executive summary, as we understand that senior management prefer to read headline numbers and regard monthly accounts more as a barometer of what is happening in their business. We include forward-looking comments and relevant narratives, KPIs and sales forecasts that impact cash flow, in a language understandable to all line-managers, all vital tools for staying abreast of a business.
Our team performs independent reviews for companies in line with the new Companies Act and the International Standard for Review Engagements. We will guide clients in determining their assurance obligations in line with current regulatory requirements. Where an independent review is applicable our team will review the financial statements and issue a limited/moderate assurance report expressing a professional opinion about the organization’s financial statements.