Categories for Recommended Reading: Audit Insights

Quis Custodiet Ipsos Custodes?

March 9, 2023 2:38 pm

Latin for “who will guard the guards themselves?” – Roman poet Juvenal. Generally used to describe a situation in which a person or body having power to supervise or scrutinise the actions of others, is not itself or themselves subject to supervision or scrutiny. Detecting unauthorised changes to records in a table is crucial for maintaining data integrity and ensuring that financial data is accurate and trustworthy. Unauthorised changes to financial data can lead to serious consequences, such as financial loss, legal and regulatory non-compliance, and reputational damage. In this article, we will discuss how data analytics can be used... Read more

BarnOwl Info Sharing Insight: Elevating Audit through Risk-Based Auditing with Continuous Monitoring with Anton Bouwer & Jonathan Crisp

June 25, 2020 11:39 am

BarnOwl Info Sharing session: 17 June 2020 Elevating Audit through Risk-based Auditing with Continuous Monitoring Presented by Anton Bouwer, Director, RSM South Africa and Jonathan Crisp, Director, BarnOwl Thank you very much to RSM South Africa and Anton Bouwer for hosting this info-sharing event online on the 17th June 2020. Introduction The audit standards and definitions of audit make it clear that Internal Audit needs to transition from the business of providing subjective opinions on “control effectiveness” on a small fraction of the risk universe to ensuring senior management and the board are aware of the current residual risk status... Read more

6 Ways Risk-Based Auditing Adds Value to Your Organisation

October 26, 2016 2:15 pm

The value of the Internal Audit function is becoming increasingly critical to the strong corporate governance, risk management, effective internal control, and efficient operations of any organisation. The Institute of Internal Auditors (IIA) framework defines internal auditing as: ‘An independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes’ (IIA 2004:8). It is a common fallacy that the Internal Audit function exists to pick holes in management’s operations. This... Read more