Audit Frameworks

Develop quality assurance frameworks to meet regulatory requirements



Competency Area



Analyse the format and content of audit report

Ensure availability of all documents for the purpose of audits

Review and assess the audit findings from the auditors

Ensure that all exceptions and issues are addressed accurately by the appropriate finance and accounting staff members

Assess impact of external changes

Keep up-to-date with audit trends, updates and regulatory changes

Liaise with external auditors to get their expert view on the changes in regulations, governance, standards and ethics

Adjust the organisation’s external audit frameworks accordingly to suit regulatory changes

Appoint external auditors to develop audit plans when a new regulatory framework is being introduced

Strategies to Optimise balance sheet

Use the provisions available within the Audit framework to meet current objectives

Cite precendences, rules and appropriate cases to take a position on the best interpretation of contentious issues

Understand and communicate risks associated with stretched provisions to the Top team before using the same

Balance current optimisation with any future risks