Internal Audit

The Internal Audit support function enables the delivery of BankservAfrica’s strategy by providing an independent and objective assessment of the organisation’s governance, risk management and control processes.

The support function oversees the implementation of the internal audit plan and provides quarterly reports on progress against it; provides quality assurance on business controls; performs application control reviews; and engages and liaises with external auditors, risk management and compliance as part of the combined assurance approach.

Highlights

  • We implemented a combined assurance model, enabling an effective control environment.
  • We increased our employee complement and now have three full-time internal auditors. We also have additional budget for specialist skills when necessary.
  • We have commenced automation of the audit process by procuring and implementing an audit tool so that audit files are no longer manual/paper based and the audit process is more efficient.

Challenges

  • Addressing the negative perception of auditing in the organisation and of the audit profession as a whole in the country.
  • Inadequate technical capability within Internal Audit to perform value-adding assurance activities in a modernisation era.
  • The ever-increasing regulatory requirements in the payments industry remains a challenge to the business, and thus Internal Audit.

Looking forward

Our goal is to be an assurance provider and a ‘trusted advisor’ within BankservAfrica. Internal Audit is responsible for giving independent objective assurance that the organisation is operating as intended to achieve its objectives, and provides insight for improving controls and reducing risk.