Internal Audit month
May is International Internal Audit Awareness month. Did you know that the Cross-Border Road Transport Agency has an internal audit unit?
So what is internal audit? The Institute of Internal Auditors (IIA) defines internal audit as an independent, objective activity designed to add value and improve an organisation’s operations. Internal audit adds value by reviewing the risk management, governance and control processes and providing an independent assessment as to whether these will help an organization to achieve its strategy. The Public Finance Management Act (PFMA) requires each entity to have an internal audit unit.
The Agency’s internal audit unit is headed by Ms Mpho Nkwane and Nexia SAB & T is the service provider that carries out the audits on her behalf.
Do you know what internal audit does?
Many view internal audit as the police and get nervous by just hearing the term ‘Auditors’. police officers are responsible for the maintenance of public order and peace, Internal audit provides an independent assurance service to the board, audit committee and management, focusing on reviewing the effectiveness of the governance, risk management and control processes that management has put into place. Yes you could possibly get in trouble for not being compliant but rest assured Mpho and her team are much nicer than the police.
This simply means, Internal audit is here to assist you. We:
- Find out what’s working and what’s not
- Encourage compliance
- Advocate improvements
- Raise red flags
- Are a trusted advisor
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