Mahomed offers clients a full-scale service which assesses, monitors, corrects, and provides advice and the corresponding implementation of changes to assure clients have optimal internal control.
Industries that will benefit from this offer
Mahomed has internal auditing experience with both private and public companies and has audited in a wide range of industries including the financial services, medical aids, gambling industry and other regulatory boards.
Mahomed also conducts audits of performance information as part of the internal audit function within the public sector. These audits are also available to the private sector as there is an increasing need for the internal audit function to conduct strategic reviews of business performance.
Outsourcing internal auditing
In a fully outsourced internal audit function, Mahomed performs all internal audit activities which include risk assessment, audit coverage plans, fieldwork, communication and reporting to management and audit committee on a recurring basis.
Other internal auditing services available include
- Risk management consulting
- Risk assessments
- Developing internal audit coverage plans
- Control risk self-assessments
- Quality assurance reviews
- Development of policy and procedure manuals
- Full range of co-sourcing options
These services offer assurance on internal financial controls and assist clients in complying with the requirements of King lll Report on Corporate Governance.
Co-sourcing internal auditing
In co-sourced functions, the services available increases the technical capacity of the client’s internal audit function and provides the necessary support to the Chief Audit Executive.
Management are therefore equipped to identify key strategic risk by assessing current policies, procedures and processes’ ability to mitigate these risks, alerting management to areas where they are particularly at risk and identifying opportunities to improve their levels of risk management.
Benefits of specialist auditing services
Mahomed provides a comprehensive review of the overall effectiveness of an internal audit function including
- Compliance to professional standards
- Effectiveness and efficiency of function activities, organisation, resource and skill capabilities
- Evaluation of stakeholder needs and fulfilment of those needs
- Identification of strengths and opportunities that need improvement
In line with the King lll Report, these functions strategically position the internal audit function and ensures continual compliance.
Both private and public companies in South Africa are encouraged to take advantage of this opportunity.