Aurco provides a specialized internal audit service to a large number of clients ranging from large mining companies to small to mediom sized organisations. The services we provide include a full outsourced internal audit service to structured co-source assignements. We can structure a solution that suits any needs of our clients.

Aurco staff have a combined total of more than 185 years of internal audit experience with an average of more than seven years on average per person.

2 onderafdelings:

Audit Approach

Audit Methodology

Audit Approach:

Aurco’s internal audit services are performed using a risk based audit approach followed by a flexible and internationally accepted audit methodology, which ensures effective functioning of corporate governance and adapts to the changing needs of organisations. Our audit approach takes the newly published King III requirements into account. King III requires a risk based audit approach based on the organizations goals.

Our approach and methodology is aimed at assisting management and the board in the effective discharge of their risk management, governance and internal control responsibilities. Our approach is a direct derivative of both:

• The KING III report on Corporate Governance in South Africa; and
• The Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors. The purpose of these Standards is to:
• Delineate basic principles that represent the practice of internal auditing as it should be;
• Provide a framework for performing and promoting a broad range of value-added internal audit activities;
• Establish the basis for the measurement of internal audit performance; and
• Foster improved organizational processes and operations.

Both the King III report and the Standards for the Professional Practice of Internal Auditing recommend the adoption of a recognized framework such as COSO for Internal Auditors to be successful in terms of the definition of an Internal Auditor.

Audit Methodology:

Aurco has adopted the internationally accepted COSO framework as its basis for auditing. The COSO framework expects internal auditors to become business advisors and business partners, instead of just fulfilling the traditional role of ensuring the correctness and enhancement of controls.

The COSO framework is not only an audit tool but also serves as a tool for management to focus attention on the business and its processes rather than just managing day-to-day activities as and when the need occurs.

The basic principles of the COSO framework are also aimed at enhancing management’s role and attitude towards risk and control.

The principles of internal control as described in the COSO integrated framework align 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 recognizing the need for definitive guidance on enterprise risk management, COSO has since also been developed into an integrated risk management framework providing integrated principles, common terminology and practical implementation guidance supporting entities’ programs to develop or benchmark their enterprise risk management processes.