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AURCO has adopted the internationally accepted COSO approach as its basis for auditing. The COSO framework expects internal auditors to become business advisors and business partners, instead of playing the traditional role of "policemen".

The basic principles of COSO should be explained as it is also aimed at enhancing management's role and attitude towards risk and control.

The COSO Report

In September 1992 a report: "Internal Control - Integrated Framework" was issued in the United States of America by the Committee of Sponsoring Organisations (COSO) for the Treadway Commission.

The objective of this report was to provide a definitive framework against which business and other entities should assess their control systems and determine how to improve them. This report was one of the main reference sources used in the United Kingdom by the Cadbury Committee to issue their seminal report. The King Committee was established in South Africa following the UK publication and was supportive of the Cadbury recommendation on internal controls.

The principles of internal control as described in the COSO integrated framework aligns itself closely to our own internal audit principles. The framework has a structured approach and addresses each of the objectives of internal control in a logical and systematic manner. In light of the extensive study undertaken and the sound principles of the COSO report we believe that it is to the benefit of our client, and critical to future success, to incorporate these principles into our audit approach.