The National Treasury developed the Internal
Audit (IA) Framework during the 2003/2004
financial year. The Framework derives its
mandate from two legislations namely, the
Public Finance Management Act, (Act No. 1 of
1999 as amended by Act 29 of 1999)
(PFMA), and the Municipal Finance Management
Act, (Act No. 56 of 2003) (MFMA). The
OAG received requests from internal auditors
in the Public Service for the framework to be
updated.