Audit committees in government departments : an internal audit perspective
D.P. van der Nest
Abstract
D.P. van der Nest
Abstract
The establishment of audit committees in South African national government departments is not only a legal requirement. These committees must perform certain activities as to be an accountability instrument in the department. Audit committees must perform functions relating to: Risk management; financial reporting oversight; internal control and corporate governance. This study evaluates the performance of audit committees with regard to the abovementioned categories, as assessed by the heads of internal audit of these departments.
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The establishment of audit committees in South African national government departments is not only a legal requirement. These committees must perform certain activities as to be an accountability instrument in the department. Audit committees must perform functions relating to: Risk management; financial reporting oversight; internal control and corporate governance. This study evaluates the performance of audit committees with regard to the abovementioned categories, as assessed by the heads of internal audit of these departments.
Key concepts: Internal audit, Chief audit executive, Joint audit, Accounting, Information technology audit, Audit plan, Business, Audit