Auditing and Financial
View our service lines to see how we can help your company grow.
Key Areas of our Governance Service Line
Risk Management Services
- Facilitation of Risk Assessment workshops
- Development of Risk Registers
- Risk Management Training provider (SETA Certified)
- Review of risk management tools
- Risk Framework development and review
- Maturity Assessments
Internal Audits
- Outsourced
- Co-sourced
- In-house Secondments
Governance and Compliance Services
- Independent evaluation of directors and board committees
- Charter and policy reviews
- Development and implementation of combined assurance frameworks
- Induction and training of board members
- Assurance of board member appointment processes.
Our Internal Audit Methodology
Our methodology was developed based on the Rakoma Integrated Internal Audit Approach (RIIAA).
Our RIIAA was developed based on the Institute of Internal Auditors’ International Standards for the Professional Practice of Internal Auditing, and ITAF: Information Technology Assurance framework (these guides on IT audit engagements), along with other best practices standards.
Quality Assurance
The firm has established quality assurance policies, procedures and quality improvement plan (QAIP) in compliance with the International Standards on internal audit engagements. This includes Annual Internal Assessments and External Assessment every 5 years. We have been granted a general conformance in our latest (October 2019) quality review, done on behalf of the IIA. This is the highest conformance level an organization can achieve.
Risk Based Audits
- Facilitating Annual Risk Assessments
- Development of Internal Audit Plan
- Execution of the Internal Audit Plan
- Implementing Skills Transfer and Training
- Ad-Hoc Tasks
- Audit Committee Reporting
- Annual Financial Statement Review
- Annual Performance Review
Compliance Audits
- Compliance Reporting and Audits
- Policy Development & Review
- Drafting of Terms of References of Board and Committee
- Legislative capabilities include PFMA, MFMA, King IV, Companies Act, OHS, PoPI Act, Treasury Regulations etc.
- Supply Chain Management (SCM) Reviews
Consulting Services
- Risk Management Services:
- Board Effectiveness
- Probity Oversight
- Maturity Assessments
- Combined Assurance
- Resource Secondments
- Secretarial Services
- King IV implementation & assessment
- Organisational Training and Development
- Robust technical department and
- Strong database of specialists which we partner
Performance Information Audits (AOPO)
- Audit of Performance Objectives (AoPO)
- Compliance with reporting requirements
- Quality of Performance Information (Usefulness)
- Evaluating the Reliability of Data
Performance Audits
- Value for Money
- 3Es – Effectiveness, Efficiency and Economy
Governance, risk, and compliance remains a backbone for organisational success.
Governance, risk, and compliance remains a backbone for organisational success. The lack of sound governance, risk and compliance management remains the root cause of most corporate failures in both Private and public sectors which could negative impact on the possibility of attaining clean audits. The development of effective internal controls over governance, risk and compliance has been found in:
- Proper planning by the entity’s internal audit which hinges on a comprehensive audit
- Full implementation of combined assurance with proper oversight by the Audit Committees; and
- Greater use of technological tools to ensure efficiency of documentation, testing and actual functioning of the internal
Rakoma & Associates' Governance Risk and Compliance division continues to support organizations in both the public and private sectors through internal control reviews and subsequent remediation efforts to improve their control environments.
This has been achieved through offering the following services:
- Internal Audit (Co-sourced or outsourced)
- Governance services
- Risk services
- Compliance
- Other agreed upon procedures or consulting
Our Team
Our Team consists of highly qualified individuals specialising in Governance, Risk and Compliance Services.
Leading the team are:
- Onias Badze CA (SA)
- Edzisani Adolf Phalanndwa FIIASA, PCIA, CIA, CISA, CRMA, PIA
- Coldens Mamakwa FIIASA, CIA, CFE
- Hlengiwe Miya CIA, CRMA
Together they work with Senior Managers, Junior Manager & Trainees.
For a comprehensive list of the team members please request a proposal.
Onias Badze CA (SA)
Partner
Onias is a Chartered Accountant with over 10 years experience. Most of his experience was acquired from the public sector, and he has been seconded to our clients as Chief Audit Executive and as consultant. Onias believes that teamwork can achieve great things. He believes in training and mentoring.
Currently he is a partner in GRC and has led a number of internal audits. He also supports Rakoma regional offices and is a member of the SAICA and IRBA.
Edzisani Adolf Phalanndwa FIIASA, PCIA, CIA, CISA, CRMA, PIA
Partner
Adolf is a Principal Certified Internal Auditor (PCIA), Certified Internal Auditor (CIA), Certified Information System Auditor (CISA), Certified in Risk Management Assurance (CRMA) and a Professional Internal Auditor (PIA) with an Honours General Internal Audit and a Bachelor of commerce in accounting and over 12 years’ experience in internal Audits, information systems audits, advisory, governance, risk management and compliance in both public and the private sectors. He completed his articles with the firm, and he is proudly the first Certified Internal Auditor the firm has produced. He has successfully led various Internal audits, IT audits & advisory engagements in the public and private sector. He is a fellow member of the Institute of Internal Auditors (FIIASA), member of IRMSA and ISACA
Hlengiwe Miya CIA, CRMA
Associate Director
Hlengiwe is a Certified Internal Auditor and a member of the Institute of Internal Auditors with over 14 years experience. Most of her experience was acquired from the public sector.
Hlengiwe is a Director in GRC and has led a number of internal audits and is responsible for the Mpumalanga Regional Office.
Coldens Mamakwa FIIASA, CIA, CFE
Associate Director
Mr. Mamakwa is an Associate Director within our internal audit division.
He is a Fellow Member of the Institute of Internal Auditors of South Africa (FIIASA), Certified Internal Auditor (CIA) and a Certified Fraud Examiner (CFE). He has over 10 years’ experience servicing our clients in the fields of:
• Regulatory audits.
• Risk and compliance audits.
• Performance audits.
• Risk management.
• Fraud risk assessments.
• Financial management and pro
curements.
Follow the link to view detailed CV's of our team
Follow the link to view detailed CV's of our team
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