In a bid to ensure improved governance and internal controls, Transnet has announced that it was repositioning and strengthening its internal audit function.
In a statement on Monday, the group said a key part of this included the implementation of a strategy to move away from a fully outsourced internal audit service - as was the case in the past - to a co-sourcing of the function, on a 40/60 basis, with 60% of the service outsourced.
‘’Furthermore, in order to build audit capacity for Transnet and the economy broadly, the company is reviving its role as one of the leading trainers for auditors and will be scaling up its training programme, with the aim of training a minimum of 100 trainees over the next few years through the Institute of Internal Auditors (IIA) accredited program,’’ it said.
‘’To support the implementation of its co-sourcing strategy, Transnet has appointed a new set of professional services firms for the provision of internal audit services following a competitive, open market procurement process,’’ the group said.
It said the appointment was with effect from May 2023, for a period of five years, following the contracts of the outgoing professional services firms coming to an end in April 2023.
Transnet said Deloitte & Touche, together with their transformation partners Thamani Advisory, Africa Rise and Shine Inc, and Isibani Chartered Accountants & Auditors; and Ernst & Young Services with their transformation partner, Motlanalo Chartered Accountants & Auditors Inc. will work with Transnet’s internal audit department to improve risk management, governance, and internal controls, for the greater operational effectiveness of the business.
Transnet said it would also work with its new internal audit partners to help rebuild its capacity in the training of audit professionals.
BUSINESS REPORT