CAS1501 ASSIGNMENT 6 ANSWERS SEMESTER 1 2024 Full Content

;100% TRUSTED workings, explanations and solutions. ... Read the following CASE STUDY: CASE STUDY Position advertised: Head: Internal Audit Recruiter: Financial Recruitment Job Ref: JHB00521/EG Date posted: Thursday, 14 March 2024 Location: SANDTON, South Africa Salary: R3600000 Annually SUMMARY: An esteemed company in the financial sector with shareholding listed on the Johannesburg Stock Exchange is inviting applications from experienced and qualified professionals for the position of Head: Internal Audit. This company contributes to the well-being of South African citizens by paying dividends annually, promoting financial stability, practising integrity, and stimulating economic growth in the country. The cornerstone of the company’s contribution involves management balancing the company’s profit and innovation focus with compliance with the Constitution of South Africa and all relevant legislation. Practically, the company’s contribution is, amongst others, achieved through resourcing value-creation and relationship building actions, including a defining customer loyalty programme, across the country. Annual reports provide extensive detail of the company’s value-creation and relationship building actions. POSITION INFO: The company is seeking a proactive individual to take charge of the internal audit function, concentrating on supervising human resources, operations, and risk management, including fraud risk, domains. As the Head of Internal Audit, your pivotal role requires propelling the company’s overarching mission through strategic leadership, oversight of compliance with laws and regulations, and the promotion of continuous improvement in audit processes. Join a devoted team dedicated to upholding financial stability, integrity, and growth in South African financial markets. Your leadership and expertise will play a substantial role in driving the accountability and integrity of this company. 2 DUTIES: • Co-developing strategic and audit plans and departmental strategy. • Overseeing the implementation of strategic projects in line with the strategic plan • Planning and overseeing the execution of audit projects according to the annual audit plan. • Staying updated with developments in the internal audit profession and conducting proactive research for added business value. • Overseeing the compilation of executive and individual audit reports for executed projects. • Ensuring compliance with legislative and regulatory requirements, identifying, assessing, and mitigating risks within the Internal Audit Department (IAD) and the division • Managing internal and external client relationships, ensuring satisfaction • Providing management information for the division • Leading, managing, and developing staff members. • Contributing to the development, implementation, and maintenance of methodologies, policies, procedures, and systems for internal audit services QUALIFICATIONS: • Matric (Grade 12) • BCom Accounting / BCom Internal Audit • Honours degree in Business, Commerce, or Technology • CA(SA) or (CIA) EXPERIENCE: • Minimum 10–12 years of experience in an internal audit environment with at least five years in a senior management position • COSO framework and other governance and control frameworks • Data analytics • Governance, risk management, and compliance • Continuous auditing • Project management SKILLS AND COMPETENCIES: • Strong understanding of accounting standards and finance • Adherence to the IIA Code of Ethics • Working under pressure • Leading change in self, others, and the company •