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KING COMMITTEE II COMPLIANCE If your entity is:
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Listed
on the JSE Security Exchange, |
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A bank, financial institution
or insurance entity as defined
in South African |
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financial
services legislation, or |
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A public enterprise qualifying
under the Public Finance
Management Act or |
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the
Local Government Municipal
Finance Management Bill. |
then
the Code of Corporate Practices
and Conduct applies to your
entity.
Capabilities
Our services in terms of KING II
are the following:
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KING
II readiness assessments. |
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Set-up
of an effective internal
audit department. |
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Assistance
with formation of board
committees. |
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Assessments
of Audit Committee effectiveness. |
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Undertake
formal risk assessments
in line with generally recognised
risk |
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management
and internal frameworks. |
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Assess
the effectiveness of the
risk management process. |
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Assistance
with the report on the adequacy
of Internal Controls. |
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Assistance
to internal audit to draw
up a risk based audit plan. |
Benefits
to clients
We
will assist our client to ensure
that they fully comply with
the KING II recommendations
which will lead to improved
and more transparent Governed
organisations.
QUALITY
ASSESSMENT
RISK
MANAGEMENT SERVICES
FRAUD
MANAGEMENT PROGRAM
INTERNAL
AUDIT OUTSOURCING OR CO-SOURCING We
are experienced in providing
full internal audit outsourcing,
or should you only require specialised
skills, we can provide skills
on a co-sourcing arrangement.
The service we provide can be
tailored to meet your specific
requirements.
Capabilities
We
assume internal audit responsibilities,
allowing your organisation to
realise many of the following
benefits:
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Reduce and control operating costs. |
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Improve company focus. |
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Gain access to world class capabilities. |
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Share risks. |
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Reduce headcount. |
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Manage costs. |
We
provide you with an integrated
control framework (COSO) which
is integrated into our audit
approach. COSO defines internal
control as a process, effected
by an entity's board of directors,
management and other personnel,
designed to provide assurance
regarding the achievement of
objectives in the following
categories:
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Effectiveness
and efficiency of operations. |
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Reliability
of financial and management
reporting. |
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Compliance
with applicable laws and
regulations. |
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Safeguarding
of assets. |
We
evaluate controls over all four
of the categories of objectives.
There are five interrelated
components of internal control:
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Control
environment. |
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Information
and Communication. |
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Risk
assessment. |
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Control
Activities. |
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Monitoring. |
To
conclude that internal control
is functioning effectively in
any category of these objectives,
all five components must be
present and functioning satisfactorily.
Benefits To Clients
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Improved
audit quality, based on
best practice audit methodologies. |
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Access
to expertise. |
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Audit
efforts are focused on the
right kind of controls. |
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Greater
audit scope ensures value
added internal audit services. |
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Proven
internal audit company designed
to fit your needs. |
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Increased
independence. |
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State
of the art audit technology. |
OUTSOURCING
THE INTERNAL AUDIT FUNCTION
The
following smart sourcing strategies
were considered when AURCO was
launched:
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Acknowledge
all audit risks. With the
specialised skills we are
able to |
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uncover
unusual and dangerous practices
before they result in financial
disasters. |
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Develop
a long-range plan. Long-range
plans validate the need
for contract |
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audit
services for either specialised
reviews or peak period relief. |
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Assess
staff abilities. The proficiency
and sufficiency of staff
are assessed |
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when
the audit plan is assessed. |
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Fill
the gaps. Although contract
auditors are not needed
for all assignments, |
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skilled
resources are available
for specialised services. |
Top
Reasons why Companies Outsource
to AURCO:
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Reduce and control operating
costs.
· Improve company focus.
· Gain access to world
class capabilities.
· Free internal resources
for other purposes.
· Resources are not available
internally.
· Function is difficult
to manage.
· Make capital funds
available.
· Share risks.
· Cash infusion.
· Provides management
with a fixed cost for audit
services.
· AURCO provides special
skills and expertise.
INTERNAL
AUDIT EXPERIENCE
· Operational Auditing
- Manufacturing, Banking, Retail
and IT Industries
· Compliance Auditing
- Manufacturing and Retail
· Auditing of Pension
Funds
· Auditing of Medical
Aid Funds
· Farming Activities
· Forensic Investigations
- All Clients
· Special Investigations
- All Clients
· General Control Reviews
- SAP
· Application Control
Reviews - SAP
· Information Security
· Management Consulting
As is apparent from the table
above, our expertise is spread
across various industries and
our audit staff is exposed to
a wide range of businesses,
obtaining valuable business
knowledge and experience.
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