Internal audit is an independent, value-adding, progressive and responsive service to Bidvest shareholders
Objectively evaluating the business processes
Appropriately manage the risk and support
Supports management components, control environment and operational excellence
A risk-based internal audit (IA) plan is approved by the divisional and group audit committees on an annual basis and is recalibrated quarterly in order for the IA function to provide assurance services against the relevant and elevated risks of the business. The IA function is well-constituted with a professional audit staff (in excess of 25 Chartered Accountants in managerial positions) with sufficient knowledge, skill-set and experience to execute on the board-approved IA Charter that is consistent with the Institute of International Auditors’ definition of IA as well as the principles of King IV.
Given the ever-increasing dependencies of the business on IT, specialised IT audit and consulting skills have become a necessity in the function. Analytics and automation are wellentrenched into the mechanisms of the IA functions with further disruptive robotic initiatives being the focus for the future of IA.
An example of such initiatives is ALICE, Bidvest’s digital auditor. She combines robotics and cognitive intelligence to provide audit-as-a-service to the Group companies. Currently, she performs IT audits on a continuous and near real-time basis within more than of 200 IT environments across the Group companies. This year her audit scope has been of a technical nature, with an elevated focus on cybersecurity. Going forward, her audit scope will be extended to financial, operational and regulatory audits.