IAU32BT - Vryburg Housing Company Case Study - Financial Sustainability - Internal Audit - Risk Management - Management Assignment Help

Assignment Task:

IAU32BT - Vryburg Housing Company Case Study Management Assignment Help

IAU32BT – Group Assignment 

You are an Executive Director at the Vryburg Housing Company, based in the Northern Cape province of South Africa.  The Chief Executive Officer knows that you hold a National Diploma in Internal Auditing.  The Board of Directors wishes to establish an internal audit function for the housing company.

Vryburg Housing Company (VHC) was established in 2008 as a registered Section 21 social housing Organisation and has since become the largest social housing landlord in the Northern Cape Province managing over 1000 units and providing homes to more than 3000 people within the low to the middle-income band.

CURRENT BUSINESS ENVIRONMENT

You have gathered the following information:

Financial Sustainability
-    Sub-letting of premises by tenants;
-    No waiting list maintained for prospective clients are kept;
-    High vacancy rates in the rental property;
-    Abscondment of tenants from rental premises;
-    Collusion between employees and tenants decreases revenue collection;
-    Late banking of revenue – Staff sometimes uses the rental money for their personal use and only bank it at the end of the month; and
-    Dishonouring of cheques paid by the tenants.

Sustainable Property Management and maintenance
-    Lack of routine and long term maintenance plan that is inclusive of a replacement strategy;
-    The insufficient budget allocated for maintenance;
-    Vandalism of property by tenants (especially when it is sub-let);
-    Collapsing  infrastructure at some of the old rental properties; and
-    Inadequate monitoring and control of the maintenance activities.

Employee and client health and safety
-    Immature safety systems on the premises of the head office;
-    Incompetent  employees with poor knowledge and performance;
-    Insufficient training and knowledge provided to develop employees;
-    Inadequate training and awareness of asset management;
-    Lack of buy-in to the OHS Act across all levels of employees and participants
-    Failure to implement safety standards; and
-    Litigation by a tenant on injury happened due to a geyser burst in one of the rental premises.

YOU ARE REQUIRED TO:

1.    Assist the CEO in preparing an internal audit charter that would govern and provide the necessary authority for the internal audit function in the company.
2.    Draft a risk register based on information provided above in terms of each strategic goal.  The risks identified should be rated accordingly.  You are also required to document key controls to mitigate such risks. 

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