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Praefectus™ News and Updates

Stay up to date with the latest news and updates from Praefectus™

INVIGORATING THE INTERNAL AUDIT PROFESSION THROUGH ROBUST GOVERNANCE AND CONTROLS (2020-08-18)

By Jené Palmer CA(SA) (CGF Lead Independent Consultant) and peer reviewed by Terrance M. Booysen

The recent public censure and financial penalties imposed by the JSE Limited on Tongaat Hulett Ltd and EOH Ltd for non-compliance with the JSE Listing Requirements, again brings the effectiveness of the internal audit profession (and indeed external audit) into question.  Is internal audit adding value?

The question is relevant to both the public and private sector where examples of financial misstatement and the circumvention of internal procurement policies and procedures are increasingly being uncovered.  In these circumstances, questions need to be asked about the future role and stakeholder expectations of internal audit.


INTERNAL AUDITORS PLAY AN IMPORTANT ROLE IN STRENGTHENING THE GOVERNANCE OF AN ORGANISATION (2020-08-12)

By Glen Talbot(CA) SA and Terrance Booysen and peer reviewed by Jené Palmer CA(SA)

People who occupy positions of authority include not only executive and non-executive directors of the board, but also managers who have the means of influencing or causing material changes in the organisation.  The latter, according to the South African Companies Act of 2008, are known as ‘prescribed officers’ and together with the organisation’s directors and internal auditors, can all be held liable for not ensuring that the interests of the organisation are being adequately served and protected.