SACAA Annual Report 2022_23

PART C I Governance

Key Activities and Objectives of the Internal Audit Division The Internal Audit Division mainly focuses on assurance and consulting services as required by the Institute of Internal Auditors’ standards. Assurance services consisted of independent reviews of the adequacy and effectiveness of the risk management, internal control, and governance processes within the organisation. Independent reviews included continuous review of compliance, by management and staff, to relevant legislation, regulations, approved policies, and procedures and to best industry practices, where applicable. Consulting services are advisory in nature and intended to add value and improve the SACAA’s operations. They are generally performed at the specific request of management and/or a client. The nature and scope of the consulting engagements were subject to agreement with the client. In addition, one of the Internal Audit functions is to ensure that

there are improved internal controls within the organisation as well as compliance with applicable legislation. Similarly, the Internal Audit function is to monitor organisational performance constantly and regularly, to ensure that the deliverables as outlined in the Annual Performance Plans (APP) are achieved. Summary of Audit Work undertaken The Internal Audit Charter was reviewed and approved by the Board’s Audit and Risk Committee. The Internal Audit Methodology was revised to remain consistent and relevant to new updates of the Internal Audit Standards for the Professional Practice of Internal Auditing. This was also aimed at ensuring that there is continuous improvement of the internal audit processes. A three-year, risk based Coverage Plan and Annual Plan for 2022/23 were considered and approved by the Board’s Audit and Risk Committee. The number of audits completed for the 2022/23 financial year were 47, compared to 56 in the previous reporting period.

The results are reflected in this graph:

Summary of audit work performed

70 60 50 40 30 20 10 0

61

56

55

47 47

44

14

12

8

Annual planned audits finalised and reports issued

Ad-hoc audits finalised and reports issued

Total Internal Audit reports issued during the year

2020/21

2021/22

2022/23

Graph 18: Summary of Audit Work Undertaken

The Chief Audit Executive presents progress reports against the approved risk-based Internal Audit Plan to the Executive Committee monthly and quarterly to the Audit and Risk Committee. Management

takes accountability for implementing the agreed actions, and Internal Audit conducts follow-up reviews to ascertain the implementation status of the agreed upon management actions. An Internal

126 I Annual Report 2022/23 I Governance