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.
By Terrance M. Booysen (Director: CGF) and peer reviewed by Hennie Viljoen (CIPC: XBRL Programme Manager)
Standards affect almost every aspect of daily living. They set a certain benchmark level of quality or attainment, and they may be used as a measure, norm or model in comparative evaluations. Standards may also regulate social and societal interactions and they are most often used to manage and guide operations to ensure safety, quality and functionality. In essence standards are as important as they are influential; and the wider the range of their adoption, the easier it is to achieve -- albeit initially -- a common level of quality and comparison.