Proposal for Assistance with Internal Audit and Risk Management Services

………………. Local Municipality requires assistance with Risk Management and Internal audit Services.

As a proactive supplier of internal audit, risk management, legal services, forensic investigation and other professional services, we see many reasons why our firm is best placed to meet your requirements. In this document, we set out information about the firm, our relevant experience, our approach to this engagement and the team that would be involved.

 Our commitment of dedicated resources put our firm in the best position to assist the Municipality in meeting the challenges that it faces.

The Internal Audit function will assist the Municipality to evaluate and improve the effectiveness of the organization’s risk management.

This proposal serves to confirm that our firm, Ngwane Cyclononane Inc adheres to the Standards of Professional Practice as set out by the Institute of Internal Auditors (IIA) and that we possess the necessary skills, expertise and experience to render the required services as a fully outsourced black economic empowerment firm.

    Why our Firm

 Our involvement provides the Municipality with an invaluable partner because of our ability and in fact commits to the following:

·         The allocation of appropriate resources to meet your deadlines;

·         Providing you with a high-level experienced team that will out-ordinate the assignment;

·         Minimal disruption to the Municipality;

·         A service approach that will be agreed with you to meet your needs;

·         Continuity in approach, execution and quality of deliverables based on our in-depth knowledge of the public entity’s environment;

·         Highly competitive value-for money fee.

  Objectives and Scope

Internal Audit –

Objectives:

·         To assess the effectiveness and efficiency of the municipality’s operations;

·         To assess compliance with the applicable laws and regulations;

·         To assess reliability and integrity of financial and operational information, and;

·         To assess compliance with internal policies and procedures.;

Scope of Work: 

Our scope of work is designed to ensure the accomplishment of the assigned objectives mentioned above.

Below is a summary of our scope of work:

·         Reviewing the reliability and integrity of financial and operating information

·         and the means used to identify, measure, classify, and report such information;

·         Reviewing the adequacy of internal controls;

·         Reviewing the systems established to ensure compliance with policies, plans,

·         procedures, laws, and regulations which could have a significant impact on

·         operations and reports and whether the company is in compliance;

·         Reviewing the means of safeguarding assets;

·         Reviewing and appraising the economy and efficiency with which resources

·         are employed;

·         Reviewing operations or programs to ascertain whether results are consistent

·         with established objectives and goals and whether the operations or programs

·         are being carried out as planned;

·         Reviewing specific operations at the request of the Audit Committee or

·         management, as appropriate;

·         Monitoring and evaluating the effectiveness of the company's risk management and

·         governance processes; and

·         Reviewing the adequacy of IT controls.

We offer our clients only the best in services through our carefully selected team of experts who are capable of delivering the following results:

·         Add value to your business.

·         Reduce the risk of fraud.

·         Increase risk awareness, improve financial reporting and strengthen the internal control environment.

·         Assure effectiveness of internal controls.

·         Insure that your business is complying with nationals polices and laws.

·         Set up an internal control system and suggest ways to improve it.

·         Identify potential trouble spots.

·         Make recommendations to improve profits.

·         Evaluate procedures to safeguard assets.

Risk management –

This service includes assisting our clients in identifying, evaluating, and managing risks and implementing compliance programs to make sure that the undertaken activities of the management are in accordance with national laws and regulations.

Our team of experts is responsible for reviewing the risk management processes of your company and looking for potential internal control break-downs by using a proven methodology.

An organization-wide risk assessment of key strategic and business risks including business objectives, critical business issues and key business processes. Also, assisting new or existing audit function in designing risk-based audit plans based on an organization-wide risk assessment. 

Corporate Governance– 

Corporate Governance Audit is an assurance activity performed by qualified independent experts for the purpose of assessing the ethics and values in of an organization and evaluating the performance and accountability of its management in achieving its objectives.

We have a team of qualified experts in the field of corporate governance processes who are able to deliver high-quality services to our clients by providing them with professional assessment and recommendations in terms of ethical climate, values, performance control and risk management.

Corporate governance manifests itself as a system of exchange of information, insights and knowledge based on both development and practical experience.

We provide corporate governance solutions that enhance the interaction between shareholders and companies and are designed to help shareholders manage risk and drive value. 

       Our Core Team to serve you

Our core engagement team comprises:

·         Our client Relationship Director will be Mr Macdonald Tlhaolakgomo. Macdonald’s role will be to ensure that appropriate relationships are established for the partnership between our firm and the Municipality. This role is crucial, particularly during the initial stages of the project. 

·         Ms Vormmia Sikaundi will be the project manager and specialist in internal audit and risk management. She will ensure the project is delivered within the highest quality levels.  She will also ensure that the project is performed within the agreed timeframes and budget.  She will further be responsible for client liaison.

·         Mr Emanuel Ngwane will serve as legal counsel for the project and serve the process of transactional advisor, dealing with the plethora of legal prescripts that govern this project and the interpretation of the various Auditor General circulars. His role is to ensure that we comply with all the statutes, treasury guidelines and policies governing risk management in local government.

Our integrated team offers other end-to-end business and advisory services such as but not limited to the following:

·         Development of an audit action plan and clearing of auditor general queries

·         Internal Controls design and implementation

·         Financial Information Systems design, implementation and Audit

·         Operational, HR Plans, Skills audits and Policies

·         Financial Management Consulting

·         Quality Management System design and Implementation

·         Training services

·         Performance management systems and implementation

·         Asset Management and bar-coding

·         Strategic Planning, Development, Alignment, Monitoring and Evaluation including IDP and SBDIP

·         Tax advisory services

·         Skill transfer with any service provided

·         Legal services 

1.4        Pricing

The estimated fee, which is based on the following rates. 

Our philosophy is that fees should be a fair reflection of the professional services rendered and it is with this philosophy in mind that we present our proposed fee as follows:

 The team will be determined by the scope of work and our manger and internal auditor will be working at the municipality full-time. 

Reimbursable disbursements will be supported by suitable documentation as proof. We will charge disbursements based on actual costs as incurred.

      Our Commitment to Maintain an Updated Knowledge

We believe that a good understanding and knowledge of the institution is required in order to provide an internal audit function on a co-sourced basis that fully meets your requirements which is effective, efficient and economical. The constantly changing environment would further require that the internal audit function be flexible to change and would be at the forefront of issues which would impact the environment in which the Municipality operates.

Our firm accordingly commits to obtain and maintain an updated knowledge of the Municipality to enable us to identify and understand the events, transactions, and practices that in our judgment may have a significant impact on the objectives of the organisation.

Conclusion on Proposal for Assistance with Internal Audit and Risk Management Services

Our goal is to assist you in providing an efficient Internal audit and Risk management services which will have immense value to the organisation. In doing so, we hope to assist in ensuring the continued development and success of the Municipality, with results that consistently exceed the expectations of all stakeholders.

The best of proposals amounts to no more than promises if not backed up by a genuinely committed team who have the ability and passion to make the proposal a reality. This proposal is backed by a competent team of directors, managers and staff who are committed to maintaining a professional service of the highest possible standards.