Risk Management, Pre-Audit Services, Corporate Governance Services, Performance Audits, IT Audits and much more!
Internal auditing is an independent, objective and consulting activity designed to add value and improve an organisation's operations.It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. While Fezi Auditors & Consultants believes that your organisations goals are achievable, it is our experience that corporate governance is of utmost importance in ensuring that the strategic objectives are effectively and efficiently achieved. Over the last decade organisations; public and private, have been bombarded with corporate governance standards, codes and guidelines.The pressure exerted on the organisations to adopt and implement world class governance practices has been enormous.
INFORMATION TECHNOLOGY AUDITS
IT Audit is the process of collecting and evaluating evidence to determine whether a computer system has been designed to maintain data integrity, safeguard assets, allows organisational goals to be achieved effectively, and uses resources efficiently. Data integrity relates to the accuracy and completeness of information as well as to its validity in accordance with the norms. An effective information system leads the organisation to achieve its objectives and an efficient information system uses mini- mum resources in achieving the required objectives.Our general controls review attempts to gain an overall impression of the controls that are present in the environment surrounding the information systems. These include the organisational and administrative structure of the IS function, the existence of policies and procedures for the day-to-day operations, availability of staff and their skills and the overall control environment. It is important for the IS auditor to obtain an understanding of these as they are the foundation on which other controls reside.Our general controls review would also include the infrastructure and environmental controls.Physical access control is another important area for review that we focus on. Today in a highly networked world, logical access to computer systems is literally universal, yet there is a necessity to control physical access too. There are certain commands and settings that can be executed only from the console of the server and hence it is important to enclose all servers in a secure location protected by suitable mechanisms like locked doors, access swipe cards , biometric access devices or a combination of these. Our IT auditors also review the overall access control measures to the entire facility for controls like security guards at the entry gates, displaying of identification badges and logging visitor access etc.
Pre Audit of Services In assisting the municipality to attain an unqualified audit opinion, we provide pre audit services, which ensures that financial information is accurate and complete Procedure Manuals and Process Maps We develop procedure manuals as well as process maps for the business cycles of the organisation. Our procedure manuals and process maps meet the requirements of best practice as well as prevailing legislation and policies. A clear governance strategy directs and guides an organisation and promotes understanding between shareholders, directors and management. We are able to provide sound advice across all levels of organisational control on systems and procedures to ensure sound governance, while fulfilling responsibilities to stakeholders. Our recommendations are tailored to suit your company’s ethos, highlighting any weak spots and filling in any gaps as we go. We work across all or some of the following areas: • Boards, Directors and Committees• Strategic Documents and Plans• Risk Management• Quality/Inspection systems such as internal audit, customer service and human resources• Information Systems• Financial Management• Budgeting
RISK MANAGEMENT SOLUTIONS
Enterprise Risk Management (ERM) or comprehensive risk management is an emerging management discipline taken by organizations to integrate their management of a range of risks by explicitly addressing risk management at strategic, tactical and operational levels.Spectacular cases of losses, fraud and mismanagement have caused regulatory authorities worldwide, to increase the demands they place on risk management. Risk management in essence means the establishment of an organizational framework for handling risks. All the processes, structures, resources and responsibilities needed to assure a systematic and efficient risk management, which are to be defined and anchored in this framework. It further provides an organizational wide, coordinated framework for diverse risk management activities that have been traditionally separated by functional silos and outdated business models.
We have access to a multitude of Insurers and Underwriting Agencies & recommends the use of Insurers that are financially stable and with whom good working relationships have been developed over many years. Below is the process that we follow in order to guarantee that your short term insurance needs are fully met:
Claims management and Administrative Services
We, at Fezi, believe that efficient claims management is vital to the success of both large and small companies. We strategically handle the management of all claims and all the administration concerning the claims. We help simplify the claims process in the following steps:
• Acknowledge receipt of claim • Register claim • Request all relevant documentation • Submit documents • Appoint assessor • Finalize claim
Please refer to www.opulentia.co.za for more information regarding insurance.
Allegations of corrupt procurement, be they fact or fictional, are high risk. It’s for this reason that the Public Finance Management Act and the Municipal Finance Management Act strongly recommends frequent performance audits – the most certain means of ensuring your operation’s integrity and that each and every resource purchased delivers on the three Es – economy, efficiency and effectiveness. Depending on your organisation’s needs, our services may include any or all of the following:Structuring of a performance policy Budgeting Resource management Monitoring and control Progress reporting Information to management.
The correct treatment and procedures for the accounting and declaration of Value Added Tax (VAT) can significantly enhance the cash flow of any municipality. We can assist organisations to correct or prevent the incorrect application of the VAT principles, which in many cases can result in entities incurring material financial losses and cash-flow problems resulting from:Payment of excessive VAT Under claiming input tax credits on applicable expenditure. Apart from the cash-flow and fruitless expenditure perspective, harsh and material penalties may also be raised by South African Revenue Service (SARS) where VAT was under-declared. Overstatement of VAT liabilities may also have a material negative impact on the Annual Financial Statements and the audit opinion issued thereon by the Auditor-General. Our support will include; VAT reviews and compilation of amended VAT returns, the required audit files and information. Assisting organisations with difficulties encountered as to the delays in refunds of critical cash-flow from SARS VAT-refunds Accounting and recording of VAT combined with management and control environment considerations and improvements, Training and other technical support, Management of the supplier invoices for validity. From the review of the general ledger, all VAT transactions are grouped and categorized monthly for performing the following recons
AUDIT OPINION TURN AROUND SERVICES
We have developed public sector specific turnaround strategies to support operation clean audit. We partner with our clients to ensure that they achieve sustainable turnaround and unqualified audit opinions status by amongst others doing the following:
Ensuring that controls are implemented to improve and strengthen the financial control environment; Provision of proactive services; Assistance with resolving audit queries raised by both external and internal audit; and Monitoring of audit action plans.