Internal Audit continues to evolve and become pivotal in the implementation of combined assurance. With the evolving role of Internal Audit, the decision of the best sourcing model which can deliver value becomes critical.
At MASA, we pride ourselves on assisting our clients to deliver an integrated value adding internal audit service that focusses on the governance, risk and compliance matters facing your organisation.
Our experience internal audit professionals are capacitated to assist our clients with the following:
- Full Out-sourcing of the Internal Audit function.
- Establishing an Internal Audit Function (including development of the Policies and Procedures).
- Development of the Strategic Three-Year Internal Audit Plan and the Annual Operational Internal Audit Plan.
- Development of Internal Control Frameworks and Control Self Assessments.
- Professional Internal Audit resourcing (i.e Secondment of resources).
- Training of Internal Audit staff
Chief Audit Executives are required by the IIA’s International Professional Practices Framework (IPPF) to develop a Quality Assurance Improvement Programme (QAIP). This requirement is also in the King IV Code of Corporate Governance and various legislation, for example, the Public Finance Management Act.
The QAIP is an ongoing and periodic assessment of the entire spectrum of audit and consulting work performed by the internal audit activity. These ongoing and periodic assessments are composed of rigorous, comprehensive processes; continuous supervision and testing of internal audit and consulting work; and periodic validations of conformance with the Definition of Internal Auditing, the Code of Ethics, and the Standards.
This also includes ongoing measurements and analyses of performance metrics (e.g., internal audit plan accomplishment, cycle time, recommendations accepted, and customer satisfaction). If the assessments’ results indicate areas for improvement by the internal audit activity, the chief audit executive (CAE) will implement the improvements through the QAIP.
At MASA we are able to assist your Internal Audit function with the following:
- Conduct the independent 3YR or 5YR External Quality Assurance Review (QAR);
- Periodic Internal Quality Assessments;
- Readiness Assessment for an External QAR; and
- Implementation of action plans from an External QAR.
- Sox compliance
- Secondment of Resources
- Internal Control Frameworks
- Control Self Assessments