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Internal Audit Services

23 Oct 2009

Louw van der MerweThe Exceed Group has joined forces with GRA Services, a local firm that provides cost-effective and high quality internal audit services that adhere fully to the requirements of the Institute of Internal Auditors, as well as King 3.

In its simplest form, an internal audit provides assurance on the effectiveness of controls in a business. According to the latest King Report (which is now applicable to all organisations no matter how small) and the requirements of the Institute of Internal Auditors, these controls should include financial, operational, compliance and sustainability controls.

In our opinion, most benefit for the small to medium size market will be realised when internal audits focus on financial controls only. Providing assurance over operational and compliance controls would necessitate possessing substantial knowledge about the company and the industry. More experienced – and expensive – auditors are therefore required. Financial controls, on the other hand, are more or less similar in different organisations and can therefore be handled by lesser-experienced internal auditors.

Because of the skills, knowledge and experience of the owners or directors of small to medium size businesses, they usually enforce strict control over operations and compliance to external rules and regulations. However, for adherence to financial controls, these businesses often rely on external auditors.

With the new Companies’ Act removing the requirement for an external audit in some cases, a more effective and efficient manner in which to obtain assurance over key financial controls is to provide for internal audit services.

To make an appointment for a free consultation to discuss your needs and ensure you adhere to the requirements of the King Report, contact Louw van der Merwe on tel. 021 880 6688 or e-mail Louwv@graservices.co.za.

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