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(COMBINED ASSURANCE)

REPUBLIC OF SOUTH AFRICA (RSA) APPROACH TO THE COSO COMPONENTS 2 & 3 AND THE 3 LINES OF DEFENCE. (COMBINED ASSURANCE). Presenter: Pulane Mkhize | National Treasury - RSA | 10 April 2019. TABLE OF CONTENTS. Background The COSO Internal Control – Integrated Framework

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(COMBINED ASSURANCE)

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  1. REPUBLIC OF SOUTH AFRICA (RSA) APPROACH TOTHE COSO COMPONENTS 2 & 3 AND THE 3 LINES OF DEFENCE (COMBINED ASSURANCE) Presenter: Pulane Mkhize | National Treasury - RSA | 10 April 2019

  2. TABLE OF CONTENTS • Background • The COSO Internal Control – Integrated Framework • COSO IC Component 2 – Risk Assessment • COSO IC Component 3 – Internal Controls • Lines of Assurance • Combined Assurance – Approach in RSA • Combined Assurance Process

  3. BACKGROUND Legislative Mandate PFMA • Section 38 1(a) (i) - National Departments (Ministries) “The accounting officer for a department, trading entity or constitutional institution must ensure that that department, trading entity or constitutional institution has and maintains— effective, efficient and transparent systems of financial and risk management and internal control” • Section 51 1(a) (i) – Public Entities (State Owned Entities) “An accounting authority for a public entity must ensure that that public entity has and maintains effective, efficient and transparent systems of financial and risk management and internal control” TREASURY REGULATIONS • Issued in terms of PFMA for Departments, Constitutional Institutions and Public Entities • Chapter 3

  4. The COSO Internal Control – Integrated Framework

  5. COSO IC Component 2 – Risk Assessment

  6. COSO IC Component 3 – Internal Controls

  7. Design, Implementation and Assessment Guide COSO IC Component 3 – Internal Controls cont…

  8.  Internal control monitoring is made an integral part of every Committee within an organization, from the Executive Management Committee (EXCO) to sub-committees of EXCO •  In some organisations, a dedicated Internal Control Function is stablished to provide IC subject matter expertise to Management and employees COSO IC Component 3 – Internal Controls cont…

  9.  Internal control monitoring is made an integral part of every Committee within an organization, from the Executive Management Committee (EXCO) to sub-committees of EXCO •  In some organisations, a dedicated Internal Control Function is stablished to provide IC subject matter expertise to Management and employees Lines of Assurance

  10.  Internal control monitoring is made an integral part of every Committee within an organization, from the Executive Management Committee (EXCO) to sub-committees of EXCO •  In some organisations, a dedicated Internal Control Function is stablished to provide IC subject matter expertise to Management and employees Combined Assurance - Approach in RSA

  11.  Internal control monitoring is made an integral part of every Committee within an organization, from the Executive Management Committee (EXCO) to sub-committees of EXCO •  In some organisations, a dedicated Internal Control Function is stablished to provide IC subject matter expertise to Management and employees Combined Assurance – Process

  12.  Internal control monitoring is made an integral part of every Committee within an organization, from the Executive Management Committee (EXCO) to sub-committees of EXCO •  In some organisations, a dedicated Internal Control Function is stablished to provide IC subject matter expertise to Management and employees Combined Assurance – Process cont…

  13. THANK YOU

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