INTERNAL AUDIT

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 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:

1. The KING II report on Corporate Governance in South Africa; and
2. The Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors.  The purpose of these Standards is to:

1. Delineate basic principles that represent the practice of internal auditing as it should be;
2. Provide a framework for performing and promoting a broad range of value-added internal audit activities;
3. Establish the basis for the measurement of internal audit performance; and
4. Foster improved organizational processes and operations.

Both the King II 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:

“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes”