The Internal Audit unit of Nexia SAB&T conducts internal audits in diverse environments, within organisations that vary in purpose, size, complexity, and structure guided by the International Standards for the Professional Practice of Internal Auditing as issued by the Institute of Internal Auditors (IIA), which provide clear guidance on Assurance and Consulting Services within the Internal Audit environment.
Out-source vs Co-source
Nexia SAB&T can reduce their clients’ costs, free up capital, and enhance their ability to focus on what they do best, their primary operations, by providing either out-sourced or co-sourced internal audit services. With organisations being driven to do more with less, the internal audit (IA) function has logically become the target for strategic sourcing. Achieving effective IA capabilities requires a significant level of investment in skilled resources, methods, training and technical infrastructure.
Nexia SAB&T can supplement organisations’ existing internal audit capabilities, by providing specialised skill sets and undertaking once-off audit assignments as needed.
Where an organisation does not have an in-house Internal Audit function, Nexia SAB&T can advise them on critical business risks, implementation of effective controls and compliance processes, identifying better practices, reducing the cost of operations and realising improvement opportunities.
Professional Internal Audit Resourcing
Nexia SAB&T’s internal audit unit consists of appropriately skilled and experienced audit professionals that are readily available, to undertake work under the direction of an organisation’s internal audit function. These engagements may be undertaken on a once-off or on a continuing basis.
Nexia SAB&T’s internal audit unit works with heads of internal audit, executive management and audit committees to develop a quality internal audit function that delivers strategic business assurance, identifies business opportunities and enhances organisational value.
Internal Audit and related assurance services provided by Nexia SAB&T involve the internal auditor’s objective assessment of evidence to provide an independent opinion or conclusions regarding an entity, its operations, functions, processes, systems, or other subject matter. Assurance services provided by Nexia SAB&T include the following types of audit:
A review of an organisation’s objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.
Assessing and making appropriate recommendations for improving the governance processes in accomplishment of the following objectives:
- Communicating risk and control information to appropriate areas of the organisation
- Coordinating the activities of and communicating information among the board, external and internal auditors, and management
- Ensuring effective organisational performance management and accountability
- Promoting appropriate ethics and values within the organisation
A systematic review of effectiveness, efficiency and economy of operations. An operational audit is a future-oriented, systematic, and independent evaluation of organisational activities.
An independent examination of a program, function, operation or the management systems and procedures of an organisation to assess whether the entity is achieving economy, efficiency and effectiveness in the employment of available resources.
Nexia SAB&T understand that more and more organisations are seeking an internal audit service provider that focuses simultaneously on its financial, operational and IT control processes.
Integrated audits save time and money, while at the same time minimising audit risk.
Nexia SAB&T’s internal audit unit deploys multi-disciplinary teams of professionals experienced in financial and operational internal auditing and risk assessment to augment and enhance an organisations’ existing internal audit capabilities. The teams work at making internal audit functions, enterprise risk management programmes, as well as risk and controls management more efficient and effective.
Governance, Regulatory & Compliance Services
Nexia SAB&T provide consulting services which are advisory in nature, and are generally performed at the specific request of their clients.
Governance, regulatory and compliance issues continue to be complex business challenges. Increased accountability and potential exposure to liability means accounting authorities need to ensure that corporate governance standards are adhered to and that robust compliance management systems are in place.
Nexia SAB&T’s internal audit unit can assist management to identify applicable laws and regulations to gain a better understanding of the regulatory environment. Their approach combines an analysis of the legal framework together with an assessment of the systems and processes which can help to ensure compliance and sound corporate governance.
Some of the Governance, Regulatory & Compliance services Nexia SAB&T provide include:
- Board and audit committee assessments
- Board training
- Development of internal control frameworks, in line with CoSO
- Governance framework design
- Quality assurance reviews
- Sarbanes-Oxley Act compliance / readiness assessments
King III recognises the possibility of “too much” assurance and has recommended a combined assurance approach. In chapter three it states that the audit committee should ensure that a combined assurance model is applied to provide a coordinate approach to all assurance activities.
The internal audit unit of Nexia SAB&T is integrated with its enterprise risk management and governance assurance units and can assist in developing and implementing a combined assurance plan.