rss

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.


SURVIVING DISRUPTIONS IN BUSINESS CALLS FOR MORE AGILE BOARDS AND A ROBUST GOVERNANCE FRAMEWORK (2020-07-23)

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

Even prior to the Covid-19 pandemic, the ease of doing business in South Africa was already under great pressure.  According to the World Bank’s annual ratings, South Africa’s ranking had deteriorated from 82nd position amongst 190 economies to 84th position in 2019.  The Covid-19 saga has clearly made matters far worse for businesses to survive in South Africa, hence requiring greater board agility to weather and beat the socio-economic tsunami we are now facing.


COVID-19: ADDRESSING DEBILITATING RISKS REQUIRES A ROBUST GOVERNANCE FRAMEWORK (2020-04-17)

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

The times we are currently living in are unprecedented. Covid-19 has once again highlighted the reasons why governance -- good governance -- is a critical function in a democratic country.


INTERNAL AUDIT REQUIRE GREATER REPRESENTATION ON THE BOARD (2019-08-05)

A plethora of corporate governance codes has been written across the world, and in spite of their recommendations which inter alia seek to protect stakeholder interests and shareholder value, many governance failures and organisational collapses continue seemingly unabated.


BOARDS THAT PLAY THE INFINITE GAME (2019-05-27)

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

Visionary leaders do not underestimate the power of the Corporate Governance Framework® in driving organisational culture.  These leaders appreciate the importance of a governance framework in nurturing sustainability by driving values-based decision-making to “play the long game”.


WHY ALL ORGANISATIONS SHOULD PUBLISH A MEANINGFUL INTEGRATED REPORT (2018-03-26)

By Terrance M. Booysen and peer reviewed by Michael Judin (Director: Judin Combrinck Inc.)

Most modern, well-governed organisations are acutely aware of the need for their businesses to be run in an ethical and socially-conscious manner and for this ethos to be communicated to their stakeholders.  This being the case, it is well documented that the influential set of so-called Millennials -- unlike their older generational ‘Baby Boomers’ and Xennials -- actively support organisations whose tenets are based upon transparency, including the preservation of society and the environment.