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PSACF Founding Members
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About the Public Sector Audit Committee

In 2011 the Institute of Directors in Southern Africa (IoDSA), The Institute for Internal Auditors in South Africa (IIASA), the South African Institute of Chartered Accountants (SAICA), The Institute of Risk Management South Africa (IRMSA), National Treasury (NT), the Auditor-General South Africa (AGSA) and Development Bank of Southern Africa (DBSA) embarked on a joint effort to constitute a Public Sector Audit Committee Forum (“PSACF” or “the Forum”) to facilitate guidance of and assistance to members of public sector audit committees.


The activities of the Forum have specific focus on the governance and accountability role and duties of public sector audit committee members


The activities of the Forum are funded by National Treasury and the Institute of Directors in Southern Africa act as secretariat for the PSACF.

The PSACF was constituted by:


Institute of Directors in Southern Africa (IoDSA)


The Institute of Directors in Southern Africa (IoDSA) is the only organisation in Southern Africa that represents directors, professionals and business leaders in their individual capacities. As the primary decision-makers in the private and public sectors, directors hold a special position of leadership and trust and are responsible — both legally and morally — for the balanced direction and proper reward of all participants in our economic enterprises.

As the custodians of corporate governance in South Africa, the IoDSA is committed to the development of directors, board learning and improving board effectiveness. Members of the IoDSA benefit from on-going educational opportunities, leadership publications and updates featuring the latest developments in corporate governance, as well as unique networking opportunities.

Internationally, the IoDSA works to establish and maintain contact amongst business leaders at the highest level. These associations represent a global network of approximately 100 000 senior executives. In South Africa, membership is widely representative of commerce, industry, government and the business professions. IoDSA members hold positions on the boards of most of the companies listed on the JSE Securities Exchange SA.

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The Institute for Internal Auditors in South Africa (IIASA)




The Institute of Internal Auditors South Africa (IIA SA) is a Section 21 non-profit organisation, affiliated to the global Institute of Internal Auditors Inc. (IIA Inc) as a National Institute.  Established in 1941, the IIA Inc. has more than 170 000 members worldwide, situated in over 160 countries. It serves as the internal audit profession’s global voice, recognized authority, acknowledged leader, principal educator, and chief advocate. 


The Institute is the creator and custodian of the universal International Standards for the Professional Practice of Internal Auditing. The IIA SA sets the career path standards for internal auditors in South Africa, promotes the Profession in the country as well as promotes adherence to the IIA standards. IIA SA members are accountable to the Institute in terms of their conduct as prescribed in the IIA Code of Ethics.


The IIA SA’s nearly 8000-strong membership represents the third largest affiliate in the world, second only to the USA & Canada, and the United Kingdom. South Africa has representatives on all the major IIA Inc international committees and in the process makes a significant contribution to the direction of the Profession globally. In addition, the IIA SA is the secretariat of the African Federation of Institutes of Internal Audit as well as occupies a seat on the Governing Council of the federation.


An internal auditor’s function is to evaluate the controls that an organisation has in place to counter any risks that may prevent the organisation from achieving its objectives.  To ensure this, the internal auditor tests controls, examines processes, and builds models of best practice. In recent years the expectations placed on internal auditors have increased dramatically. This is mainly due to the increased complexity and volatility in the market, which results in increased risks, that organisations are now continually faced with. In addition, King III has now placed a greater emphasis on the importance of internal audit. The Institute’s primary role is to support its members in meeting market expectations. Membership support revolves around professional advice, training and many other services.

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The South African Institute of Chartered Accountants (SAICA)


The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes. The Institute provides a wide range of support services to more than 30 000 members who are Chartered Accountants and hold positions as CEOs, MDs, board directors, business owners, chief financial officers, auditors and leaders in their spheres of business operation. Most of these members operate in commerce and industry, and play a significant role in the nation’s highly dynamic business sector and economic development.


SAICA serves the interests not only of the Chartered Accountancy profession, but also of society in general through its key objective of upholding professional standards and integrity. The pre-eminence of South African Chartered Accountants [CAs(SA)] nationally and internationally attests to the successes achieved by SAICA on a broad global canvas. SAICA’s members enjoy the privilege of using the highly regarded and prestigious CA(SA) designation. Members of SAICA are subjected to a Code of Professional Conduct, which provides guidelines for ethical and professional behaviour. Fundamental ethical principles to which CAs(SA) are expected to achieve include:

  • Integrity;
  • Objectivity;
  • Professional Competence and Due Care;
  • Confidentiality; and
  • Professional Behaviour.


SAICA members serve on international accounting bodies including; the Trustees of the International Financial Reporting (IFRS) Foundation, the International Accounting Standards Board (IASB), the IFRS Interpretations Committee, the IFRS Advisory Council and the Council of the International Federation of Accountants (IFAC). SAICA is also a member of The Global Accounting Alliance (GAA).


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The Institute of Risk Management South Africa (IRMSA)




The Institute of Risk Management South Africa (IRMSA) was formed through the amalgamation of The Society of Risk Managers (SRM) and The South African Risk and Insurance Manager Association (SARIMA) in September 2003.

Operating from permanent offices in Johannesburg, it is a registered non-profit organisation representing individuals and companies committed to the enhancement of the Risk Management discipline in its widest context - enterprise-wide.

The effective management of risk is central to the achievement of any Company’s vision. By understanding and managing risk they can provide greater certainty and security for all their employees, customers and stakeholders. They will be better informed, more decisive and move with increased confidence to achieve their vision and objectives. Risk Management also forms a crucial part of Corporate Governance and is mandated by King III as well as the Companies Act.

Taking the above into consideration, the Institute has embodied the essence of this principle in delivery of a range of services including:

  • Professional accreditation of individual members.
  • A forum for discussion of and interaction on current risk issues.
  • A credible platform enabling practitioners to speak on matters affecting the discipline.
  • Research and project development.
  • Education and Training.
  • Opportunities for networking and professional development through conferences, briefings and topic focused workshops.

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National Treasury (NT)



The Auditor-General South Africa (AGSA)



The Development Bank of Southern Africa (DBSA) 








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