By Nelisiwe Mabutyana, Head of Finance: SPM
At SPM, the word audit is not foreign — it’s fundamental. As Head of Finance, I view audits not simply as regulatory checks, but as essential tools that help us lead with integrity, strengthen our operations, and reinforce the trust placed in us by our stakeholders.
From Integrated Management System (IMS) audits to financial and environmental audits, both internal and external, we welcome the opportunity to have our processes independently evaluated. Why? Because what you don’t know, you can’t improve. And at SPM, improvement is part of our DNA.
Integrity is not just one of our core values — it’s a principle we live by in every financial report, every control measure, and every decision we make.
Why We Prioritise Audits
Audits are one of the clearest expressions of our commitment to transparency and sound governance. They validate the accuracy of our financial information and highlight areas where we can enhance efficiency and compliance. More than that, they reassure our investors, shareholders, and broader stakeholders that SPM operates with discipline and professionalism.
As the Finance Department, we prepare our financial statements to present a comprehensive and accurate picture of the company’s performance, outlining assets such as cash, inventory, and fixed assets; liabilities including loans and tax obligations; and results of operations like revenue, expenses, and net profit. These reports provide the foundation for internal decision-making and external trust.
What Is an Audit, Really?
An audit is a structured review of financial statements and internal controls to ensure accuracy, reliability, and compliance with relevant accounting standards. But at SPM, it’s more than just financial oversight. It’s a reflection of how seriously we take our responsibility to all stakeholders.
The Strategic Benefits of Audits
We believe audits are not just for compliance — they create long-term value. Here’s how:
1. Ensuring Compliance
Audits help us stay aligned with national and industry-specific regulations, reducing risks like:
- Regulatory penalties
- Legal exposure
- Governance breaches
2. Identifying Operational Gaps
Audits shine a light on areas that may need tightening — from document handling to system controls. This helps us:
- Spot inefficiencies
- Reinforce financial discipline
- Encourage continuous improvement
3. Building Stakeholder Trust
Reliable reporting increases confidence across the board:
- Shareholders are assured we’re safeguarding their investment
- Lenders and investors see us as low-risk, future-focused
- Employees and partners witness responsible governance
4. Reinforcing Reputation and Ethical Practice
Audits may not be designed to detect fraud, but they certainly support ethical conduct:
- By verifying that controls are functioning
- By surfacing irregularities before they escalate
5. Strengthening Governance and Resilience
Consistent audit practices make us stronger:
- We build mature systems with high accountability
- We are more agile in navigating market shifts
- We make better strategic decisions from sound financial insights
Acknowledging the Challenges
While the benefits are clear, we’re also realistic about the demands of the audit process:
- Time-intensive: Audits require extensive preparation, often pulling teams from their usual tasks.
- Costly: Professional auditor fees, system upgrades, and internal adjustments can add up.
- Uncomfortable findings: Audits may surface gaps we didn’t anticipate — but we view this as an opportunity, not a threat.
- Operational disruption: During audit season, the pressure increases. That’s why preparation is key.
- Privacy concerns: Sharing sensitive data externally requires strict confidentiality and trust in our partners.
Why SPM Chooses to Be Audited
Despite the challenges, SPM consistently elects to undergo audits. This is not a regulatory checkbox — it’s a statement of who we are. We are a company that chooses accountability, growth, and integrity every time.
How We Prepare for a Successful Audit
Success begins long before the auditors arrive. In the Finance Department, our approach includes:
- Early Planning: We set and communicate clear internal deadlines.
- Team Awareness: Everyone understands their responsibilities and timelines.
- Paperwork Discipline: Receipts, invoices, and documentation are tracked and submitted promptly.
- Clear Communication: We keep auditors informed of any delays, gaps, or updates.
- Proactive Status Checks: Regular updates keep everyone aligned and reduce last-minute pressure.
Our Track Record
Over the years, SPM has consistently earned clean audit opinions — a reflection of our culture of transparency and sound financial management. These results don’t happen by accident; they are the product of discipline, collaboration, and the shared belief that we can always do better.
Reframing the Audit Mindset
When we change the way we look at audits, we change what they can do for us.
Instead of viewing auditors as inspectors, I encourage all departments to view them as collaborators — professionals who help us see what we might miss from the inside. This mindset allows us to identify improvements, close gaps, and unlock growth opportunities.
Audits, when embraced fully, don’t just protect us — they strengthen us.
Final Thoughts
Audits are not just about compliance — they are a strategic investment in how we govern, operate, and grow. At SPM, our ongoing commitment to audit readiness reflects the kind of company we are: responsible, forward-looking, and anchored in integrity.
By continuing to prepare thoroughly, engaging openly with auditors, and applying their recommendations thoughtfully, we strengthen both our financial systems and our reputation.
Let’s keep viewing audits not as an interruption, but as an opportunity to reinforce our foundations and move forward with confidence.
