“In light of the global crisis in the financial services industry and the anticipated increased focus on governance and controls by all stakeholders, coupled with a rapidly changing business and regulatory environment, it is now absolutely imperative that organisations have a robust, flexible and effective internal audit function.
Click here for the findings of the first Internal Audit Benchmarking survey focused on the financial services industry (FSI) in South Africa 2009.”
The Broken Triangle
The disconnect between internal audit, executive management, and the audit committee is nothing new. The broken triangle has existed for decades at many organizations, with varying degrees of severity. If you would like to learn more, click here....
Financial Services Industry
The Boards of Trustees are responsible for the governance and well being of their funds. They are confronted with many difficult decisions on a regular basis. Acting in the best interest of the fund and its members is their foremost responsibility, which could result in the trustees having to make some very challenging decisions. The King Report in conjunction with PF 130 provides some best practice principle guidelines in assisting and guiding boards of trustees to make the right choice for their funds. Read more
"Basel III" is a comprehensive set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation, supervision and risk management of the banking sector. These measures aim to:
improve the banking sector's ability to absorb shocks arising from financial and economic stress, whatever the source
improve risk management and governance
strengthen banks' transparency and disclosures
For more information visit the Bank for International Settlements website.
Best Practice Standards
eStandardsForum promotes a sound, transparent, and equitable global economy. It collects and disseminates, as a public good, information on countries’ compliance with global best practice standards.
Click here to see how South Africa rates
Deloitte audit committee tools
The checklist differentiates between the requirements set out in the UK Corporate Governance Code and the FRC Guidance on audit committees and is applicable for periods commencing on or after 29 June 2010. While the Guidance on audit committees is not mandatory it is recognised as a best practice benchmark for audit committees and so it is worthwhile assessing performance against this as well as against the main body of the Code.Completion of this checklist will help audit committees assess their own performance and identify areas for further attention.