Legislation requires that all private and public companies to have either an independent review or audit performed by a registered accountant an auditor.

Strategic Audit Techniques Incorporated is a locally based emerging small audit and financial consulting firm

© 2013 Strategic Audit Techniques Inc, South Africa . All Rights Reserved. E&OE. 

 

Our services include complete outsourcing and co-sourcing of the internal audit function, assistance in assembling an audit committee, preparation of audit committee charter, preparation of an internal audit charter, risk identification and management, development and implementation of a three year strategic and annual operational plans, implementation of controls, training and capacity building, special investigations, and environmental and information technology audits. Our internal audit methodology is aligned with the requirements of National Treasury’s guidelines and complies with the requirements of the International Standards for the Professional Practice of Internal Auditing.

 

In addition we have certified fraud examiners, and therefore well positioned to give advice on risk management.

 

Strategic Audit Techniques Incorporated’s Internal Verification function is tailored to meet the specific needs of the organization. It essentially encompasses:

 

Assessing whether the internal validation focus and

planning process reflect its needs

 

Assessing whether there are clear reporting lines and that

the structure and status of Internal verification within the

organization is appropriate

 

Reviewing work methodologies to ensure they comply with

relevant standards and current practices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Our review is carried out by way of questionnaires, interviews with the Audit Committee, Management and Internal Audit staff, Observation and Review of the internal audit work, and benchmarking with generic comparative criteria. The results are reviewed and the key observations and recommendations are then presented to the Audit Committee.

 

 

On specific request, our review may include benchmarking the function against organizations of similar size and/or type. This essentially entails comparing the performance of the internal validation function with those of the selected organizations in terms of a range of attributes including quality of service, staff numbers, and cost.

 

ESTABLISHING AN INTERNAL FUNCTION & QUALITY ASSURANCE

The Issues

A start-up analysis to assess the costs and benefits to be derived by an organization from Internal Audit should address several factors, including the structure of the organization, the degree of autonomy of each operating unit, and your organization's overall culture and management philosophy. An assessment also needs to be made of the control environment within your organization, and the level of awareness of control issues among both management and employees.

 

How Strategic Audit Techniques Incorporated can help

We will help plan for and resolve all these issues, drawing on our in-depth knowledge of ‘best practice’ in structuring and organizing effective Internal Audit functions.

We can source Internal Audit professionals who have worked with a wide variety of organizations throughout the private and public sectors by helping them assess the costs and benefits of Internal Audit functions. We have also assisted in the development of Quality Assurance functions, thereby leaving management free to concentrate on the key issues facing their businesses.

 

Key elements of our approach:

 

Determining the Audit Committee's and management's requirements and expectations

 

Establishing the function's terms of reference or mission statement

 

Agreeing reporting lines

 

Deciding how the function should relate to other parts of the business

 

Determining the scope of the Quality Assurance work

 

Developing a risk profile for the organization

 

Developing strategic and annual Quality Assurance plans

 

Defining working practices, including the Quality Assurance methodology, risk analysis model, and audit software

 

Determining the core skills required in recruiting the right staff for the function

 

Establishing accountability and quality control standards