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GFIA Internal Audit and Risk Services is an operating division of GFIA, specialising in the provision of internal audit, risk management and related assurance services. Whether or not your organisation has an internal audit function, GFIA Internal Audit and Risk Services will assist you to manage and perform the internal audit function with due consideration given to legislative requirements and provide assurance on the whole system of internal control. Furthermore, the focus has moved to internal auditors, continuously demonstrating that it adds value. Our focus areas are Governance, Risk Management and Control.
Our services include:
Compliance Audits
The process of monitoring and overseeing compliance is normally referred to as probity auditing. Probity auditing is auditing for compliance with prescribed policies, procedures, guidelines and conditions, standards and legislation. It is a purpose designed to ensure honesty, fairness, ethics and integrity and to determine the level of compliance with policies, procedures, standards and legislation.
Operational Audits
Provide independent assurance that the overall control environment is adequate to support the achievement of the business objectives, including the management of inherent risks within acceptable limits and at reasonable costs. Add value by actively assisting the operational management teams to identify and manage inherent risks, to optimise the effectiveness, efficiency and economy of their business processes and to develop and implement strategies which are appropriately aligned with the corporate strategies.
Financial Audits
Validation of the adequacy and effectiveness of internal control and procedures to address financial risks in business processes.
Performance Audits
This is also called “Value for Money” auditing (VFM). The aim of this audit is to evaluate the ability to achieve objectives and program outputs in an efficient, effective and economic manner.
Forensic Audits
The objective of our forensic audit approach is to identify areas of irregularities and fraud. We have conducted numerous high profile forensic accounting investigations in both the public and private sector, which enabled us to develop a unique, proven forensic accounting methodology.
Enterprise Wide Risk Management
The objective of this function is to provide value for stakeholders or entities facing uncertainty, and the challenge for management is to determine how much uncertainty to accept as it strives to grow stakeholder value. This service strives to enable management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value.
Control Self Assessment Development and Implementation Services
This service is aimed at assisting clients to identify for themselves the risks inherent in their entities. The final product is a list of inherent risks, with perhaps the client’s own judgment of the adequacy and effectiveness of existing internal controls.
Quality Assurance Reviews of existing Internal Audit Functions
Using international internal auditing standards, we will assess the performance of the internal audit function and guide our client towards an internal audit function of excellence.
Establishing Internal Audit Departments
A structured approach is followed to ensure the establishment of the Internal Audit Department and the development of methodologies that suit the business environment, and complies with international internal auditing standards. Transfer of skills will take place to ensure adequate knowledge is retained in the newly established department.
Environmental, Health and Safety Reviews
This service is aimed at assisting clients to ensure compliance with the various legislative requirements in the area of environmental, health and safety. We add value by actively assisting management to identify strategies to ensure compliance in areas of concern.
IT Audits (Click Here for more info.)
The use of computers in business has fundamental effects on the nature of business transacted, the procedures followed, the risks incurred and the methods of mitigating those risks. In performing an information technology audit, we have designed an integrated, six-phase approach from deciding where to audit through to following up on corrective action taken by the respective managers.
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