28 - 30 January 2014

IACOP Study visit to South Africa

Pretoria, South Africa

RSA is a developing country which managed to establish a strong system of internal audit different from those applied in EU countries. The RSA has successfully advanced IA reforms in public sector and represents one of the world good practices. The RSA has a modern PFM system that compares with most developed countries. In RSA the legislation for Internal Audit Activities regulates the entire public sector Internal Audit Activities at all 3 tiers of government, i.e. (i) Central, (ii) Provincial and (iii) Local government. IACOP has raised many times an interest to learn region experience other than those following the EU models.

The objectives of a study visit: The objectives of a study visit are to examine how a specific aspect of the IA system has been dealt with successfully on

The establishment of the Audit Committee (AC)

1.    Legal Framework & Audit Committee Charter

2.    Roles and Responsibilities of the AC (Risk Management, Control Framework, Internal Audit, External Audit)

3.    Composition and Membership, including, Qualities, Skills and Experience, Independence of Members, Appointment of Chairperson, Term of Office, Reporting Requirements

Establishment of Internal Audit Activities (IAA)

4.    Planning the IAA

5.    Organizing the IAA

6.    Developing an Internal Audit Strategic Plan

7.    Operational Plan (Risk Based Planning, Budget of IA)

8.    Staffing, including outsource or co-source of IAA

9.    Quality Assurance and Improvement Program

10.  Relationship with the Office of the Auditor-General/External Auditors

Nature of Work

11.  Risk Management

12.  Types of Internal Controls & Evaluation of Controls

13.  Governance of the work

Audit Process

14.  Engagement Planning (including engagement considerations, objectives, scope, resource allocation and engagement work program)

15.  Performing the Engagement

16.  Communicating Results

17.  Monitoring Progress

Consulting Activities

18.  Types of Consulting Engagement

19.  Acceptance of Consulting Activities

For more information please contact: Matija Milotic, PEMPAL Secretariat